Putnam has not filed a proxy statement, so we cannot see what the shareholders' arguments are yet. I think it is safe to assume that the double-digit discounts will be a major part of the arguments though. The shareholder meeting is scheduled for the end of October, so Putnam should file the proxy statement soon.
The Putnam open-ending proposals that were triggered by lifeboat provisions did not really have any chance of passing, but it will be interesting to see how much support there is for these shareholder submitted proposals.
PCA-PMN 1-yr comparison chart: