Ann: Letter to Shareholders, page-57

WAM does not have sufficient liquidity to allow large shareholders to exit. There will be significant selling pressure hence why it is unlikely to trade up to 85c. Existing WAM SH have nothing to lose by selling down now and trading for AYS however they will create downward pressure for WAM shares which will decrease the value of the WAM offer.

I expect it to trade at circa these levels. As an Australian shareholder, I have a target of 78c. (which is the low point of capital return 67c + 11c franking credits).

Buying any higher than this exposes you to the WAM offer and the downward pressure exerted by those switching from WAM to AYS.