contango capital partners whats their interest, page-20

Yep. Don't see the point in shutting the fund down as previously stated.

Shareholders naturally do want a return however. INE is another LIC that invests in India. They've just annouced what I'd call a novel approach to addressing the overall investment position:

* Immediate smallish capital return;
* Every 6 months pay a dividend that is 7% annualised of the NTA (ie. rising or falling based on NTA);
* In 2016 (if I remember correctly) given the shareholders a vote on what to do with the fund;

Perfect solution in many ways. If the fund performs it both survives and gives holders a healthy cash return. If it doesn't perform the NTA will keep falling and fund eventually close.

I think 7% is too high as a "guarateed" amount as would prefer the fund to keep going and that would likely place limits on NTA growth (if it does). The overall thinking makes sense.