I anticipate there to be a slight correction over the next few days. The SP has rose from -10% to a discount of about -4%. This occured over a 4 day period. While I agree with the other's setiments on too many naysayers out there, I see a slow, gradual increase in the NAV & SP taking place over the next 12-18 months.
As for the tender offers, you are correct in your assumptions. Neuberger's position is that by reducing the shares outstanding the SP should increase. Keep in mind though that for every share purchased your talking 98% of the NAV. VS an 8.7% div yield right now. I do not see the tender offers affecting the divi payout. More often than not, those are tied directly to the divi & cap. gains payouts of the fund's holdings. If those go up, NRO's divi will follow suit.
I hope you are right by having fewer share holders. We are sitting here with 5000 shares and waiting for things to finally go right. We bought 3000 shares when they were around 1.85. Hope our strategy works out. Good luck to you.