Ann: Disclosure Document PGF Underwriting Announcement, page-6

Jamber your not understanding the effect of the dilution. And maybe this misunderstanding is widespread which is what allows the directors to do this. The below is straight from the NTA Announcements:

"As at 26 June 2015, the NTA before any tax accrual was approximately $1.2491 per share. After the accrual of tax on realised gains (but before tax on any unrealised gains), the approximate NTA was $1.2218 per share as shown in the table above.
Note that no adjustments are made for future exercise of outstanding PGFO options (exercise price $1.00 per option) in the table above. The NTA after tax accrual on realised gains, but before tax accrual on unrealised gains would have been approximately $1.1740 (and $1.1302 after all tax accruals) if all of the PGFO options had been exercised on Friday, 26 June 2015."

Comparing apples with apples if the company DIDNT underwrite and people didn't take up their options the company would have NTA (after accrual on realised gains but before tax on unrealised gains) of $1.2218. However because they did underwrite and exercise you now have NTA (after accrual on realised gains but before tax on unrealised gains) of $1.1740. There is absolutely NO benefit in having extra cash in a LIC or "having more cash to invest in the current markets" because of the dilution. You have just lost 5c or 4% of value with NO benefit. Put another way you have 4% less money "invested in the markets at current levels" because of this transactions not more.

I'm not sure who pays the underwriting fee either. If we are lumped with that that fee will also come off the NTA.