Dave, I no longer own FAK, as I sold most after a big run and the last third a few weeks ago. These offerings are obviously designed to reduce the discount and they do a good job of that. I am fairly neutral on FAK right now, but I would prefer to sell in the market at a slight discount rather than tender and wait to see how much I sold at what price. I haven't seen the details, but most of these offers give the fund a large window of buying opportunity. They can wait for a lousy day in Korea and then price you out if you tender.
Since FAK is nearly fully invested, they will definitely have to sell stock to buy shares. As an old CEF manager, I find this a mortal sin. <g> The good news is, they should have losses to realize, which can help the tax situation in the future.
BTW, I publicized your books over on the Dell thread a few weeks ago. So, since they hated my guts, you've probably just lost a bunch of potential buyers. <g>
MB |
