Holding is too small to justify the expense however I'd be happy...

Holding is too small to justify the expense however I'd be happy to apply if we could get some numbers and chip in for the $2,400 application fee as I have compiled a fair bit of information over the years. Getting a declaration of unacceptable circumstances and/or getting the transferred shares to vest in ASIC would only serve us minorities if it triggered a full bid from Wang & Co.

You can also see by how the split was executed that it was very deliberate - skirting at 19.99% just outside six months prior to avoid exceeding the creep provision in the Corporations Act, and using Li Li as a proxy - suspect it would be difficult to prove related party and/or acting in association. How APP securities procured someone willing to stump up several million and pay overs unless there was some kind of side agreement is another question mark.

In other situations where there is an independent responsible entity (APW's is part of the AIMS stable) minorities would have better recourse because of reputational and professionalism/ethics, but the way I see it only chance of avoiding a slow death by fee leakage now is a wind-up (unlikely) or some other realisation event.

Possibly worth holding out for a similar deal at ~$1.70 but looking at their playbook for a couple of AIMS' other unlisted funds and unit trusts, the tactic business model is to beat down other holders and eventually have them capitulate and sell at a discount to intrinsic value.

Full disclosure - reviewing APW holding because as Wang & Co's grip tightens and effective % ownership increases, the value extraction borne by minorities gets more concentrated.