recent share placements by aui and dui, page-3

I still contend that holding a share placement at a discount to NTA is poor governance, as it rips off smaller shareholders. AUI's announcement today of its SPP is good news, but the discount being offered (5% off NTA) puts existing shareholders who do not take up the offer at a disadvantage, as their holdings will be diluted.

I think LICs should encourage shareholders to build up their stakes through SPPs, and I also believe they should offer a discount to market price, but I don't think this discount should be so large as to allow shareholders to buy at a discount to NTA.