Ann: Dividend/Distribution - AYUPA, page-10

Sqwark, CWNHB is now my biggest position. I believe the CWN takeover will go ahead. So come June, CWNHB holders will receive $100 plus two interest payments; $102.00 in total. Pay say $97.50, for a 4.5% return which annualises at over 25%pa.

CWNHB are not part of the takeover, but on a change of control the interest rate increases from 4% above bank bill to 9% above bank bill. There are only two scenarios should Blackstone take over CWN.

1. Blackstone buy CWNHB back at $100 as Blackstone can get cheaper funding elsewhere.

2. CWNHB trade at $100 and you sell them on the market, as the risk is now lower and the return much higher.