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Strategies & Market Trends : Closed End Mutual Funds..HQH
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To: Ben Suntag who wrote ()4/10/1997 10:22:00 PM
From: Bigpoppabass   of 38
 
The company makes an offering to current shareholders as a way of making holders seem happy they are getting a deal, when in reality, the offering encourages the management to do nothing about the 20% discount to NAV. The fund makes 2% on the n.a.v. every year, so the more money they can get from loyal followers the better. In addition, the rights offering is simply a way of issuing more shares on the market.
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