Ann: Change in substantial holding from WAM, page-5

Perhaps an alternative view point.
Assume WAM picks up 70% of AYS which would equate to 215 m. AYS shares.
After the x date of 1st.distribution( say 31.3.21) WAM will receive $0.11x251m ($27.61m) in franking credits,
without having to pay directly for them. That is, the $0.70 /share WAM is offering will equate to the $0.70 cash that will be distributed
to WAM via the distributions from AYS.
Post 31/3/21, in the offer document, WAM will reduce their offer by the $0.50 cash that has made up the 1st.distribution.(if not closed)
Yes, it will not be as attractive for WAM without the franking credits, but still WAM will receive $0.20 from AYS in later distributions
whilst paying $0.20 to shareholders that subsequently accept WAM offer.( not dilutive on a net assets basis.)
As far as the script alternative, whilst the share price is trading at a premium to NTA, then it will be accretive to existing WAM shareholders
on a NTA basis. Yes, there could be pressure on the market price at some point in the future from those that are not long term holders.
Personally, if available, then I will accept the reduced WAM script offer post 31/3/21 and appreciate the franking credits from the
first distribution.
It is noted today that WAM reached the 90% milestone for CLF and therefore may compulsory acquire the remainder.
My hunch is that if WAM keep their offer open for AYS post 31.3.21, then the same will happen with AYS. (All over rover)