Ann: Change in substantial holding from WAM, page-9

Understand the message in your weekend rant.
As the original ratio was calculated on a WAM share price of $2.29 and
now $2.15, existing shareholders are somewhat ahead.
However, if the share price of WAM had shot up well above $2.29, subsequently,
then the existing shareholders would feel aggrieved somewhat.
Note of caution.
If one takes the stategy outlined earlier (accepting post 1st.distribution),
then ensure you have held for 45 days as you will lose franking credits from
1st.distribution if not.
So that will depend on whether WAM extends the offer and for how long.
There is no roll over relief (over 80% acceptance) when a loss is incurred.