The annual statement states he acquired about 900k worth of shares last financial year. Now he is up to 850k bought over the last week or two. So in that context it is not out of character.
If I was managing a LIC and I had money to invest it would make sense to put all my savings into my fund at 20% discount. The alternative is me choosing the investment anyway but without the discount!
The other advantage is if he keeps losing and the discount widens further then a takeover or restructure becomes more likely.
The annual statement states he acquired about 900k worth of...
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