Ann: Change in substantial holding from WAM, page-3

My thoughts;

33% chance wam closes the offer on 31st~ March with about 70% of ays. Then payout the 70c to all shareholders as previously scheduled and close up ays.

67% chance they extend the bid. Then pay the 50c major distribution and then pick up the remainder of the company to compulsorily acquire 100% on revised scrip ratios.

I favour option 2 because it lets wam issue more scrip above nta. However both outcomes possible.