Does not seem to be much intention on the dividend front. I...

Does not seem to be much intention on the dividend front. I think from memory in the annual reports they still hint that a dividend will be contemplated down the track though. Perhaps they want to increase the size of the fund first a bit more. They are doing this via good performance to some extent now. As they are very active in making takeovers in the past, it wouldn't surprise me to see them also one day taking over a company via scrip merger again to increase size. For that they would want their shares trading closer to NTA though in the first place! Size is also needed to reduce the INA weight, which also might put off potential investors who want a more diversified LIC.

Retail investors have a massive obsession with dividends and that is a major factor of the shares trading at such a discount in my opinion.

The other factor is simply the lack of promotion on the stock from management. For example no fancy 5 page monthly investment report and commentary about all their positions.

Personally I am not that fussed with the above as this in part creates a better opportunity to get into the stock. I would ideally own this for quite a while so am in no rush, but eventually a dividend would be handy. I doubt they will do more promoting the stock.

Interestingly when they formed this entity early on I remember there was a bit initial fanfare about Ron Brierley and it traded at a large premium to NTA.