If you listen to Steves video, he says that FOR manage funds on...

If you listen to Steves video, he says that FOR manage funds on the Oz market in an unlisted way.......
They (FOR) are getting out of that for the very reasons that Listed Funds are useful and that is for a fund manager, they dont have to worry about selling shares, to meet the applications for redemption if investors want their money.
I am guessing that the “investors” if they are faithful to Steve, will merely “swap” their investment from the unlisted but managed portion, into the listed FOR. Steve has said that he wants FOR to be under $200m FUM and this capital raising at NTA is an opportunity for existing shareholders to top up at NTA, but also for Steve to “replace” those funds that may flow out of the unlisted portion and also to raise the FUM closer to the proposed $200m. Hope this helps.