Ann: Change in substantial holding from WAM, page-35

I'm not sure about this. Are you saying that WAM would be entitled to the $0.50 major distribution for all shares offered today? This wouldn't make sense as the shares went XD today. If it were the case that WAM were entitled to the major distribution for shares offered today, I could have bought AYS shares for $0.35 earlier today, accept the offer and then receive 1/2.675 WAM shares for every AYS share. I would have made an absolute killing.

If you're saying that WAM aren't entitled to the $0.50 major distribution for all shares offered today, then there would have to be a change in the ratio, otherwise WAM would lose a motza by giving out 1 WAM share for every 2.675 (now diminished) AYS share.