Ann: Update on Proposed Scheme - Outcome of First Court Hearing, page-4

You would think that the fund managers and other large holders, who are in favour of the takeover, would continue to hold until rollover to WAM given the benefits. Would also be much easier to sell out of larger positions with the greater liquidity of the larger fund. If larger holders start exiting as we approach NTA + 7.5%, surely this would put significant downward pressure on the SP, then it wouldn't be worthwhile selling out before the merger? In saying that, there has still been some selling. Can't believe the SP wicked down to $1.185 in January. You would think this would have been a screaming buy. Thoughts peejay?