Should or should not Icap distribute 'Dividend'
I dont think majority of the shareowner like 'discounted Price', I believe even TTB don't like it as well. This is the reason why he conducted the Investor days & introduce Value Investing this year.
The widening gap between NAV & Market price shown that many shareowner not welling to hold a shares for long term that receive nothing, illiquid & still facing the investment risk.
Should minimum dividend payment proposed ?
I believe a small dividend will not affect the performance of the fund ( Icap hold a lot of cash), yet it will give some attraction for some shareowner to hold on to their shares for longer term.
This will help to close the gap & give confidence to the existing shareowner & the investing public on the fund.
A premium to the existing fund also means that a shareowner can exit the fund with better profits if the need arise.
A high NAV is only an illusion if no distribution of profits to the shareowner.
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