To me it seems ridiculous for an LIC to payout unfranked dividends as CTN is doing. Why not use this capital to invest for longer term capital gain and higher franked div's down the road. Also they are hamstrung by the convertible notes they have to pay Div's on, so in a down market the company will have to pay the same divided on a shrinking capital base. Another LIC in CAM instigated convertible notes and their shares have done poorly since.
buy time for me, page-15
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