Ann: Execution of Scheme Implementation Deed, page-6

Nov NTA was $1.083 after tax + up to $0.021 in franking potentially to be returned, and unlikely to change too much from here. Wind up costs inclusive of termination fee is set at $0.0175 per share, and then factor in your 2%/$0.02 redemption fee if you want to take the money and run.

That aside, this proposal is a poor outcome for shareholders. The entire portfolio is in cash save for 0.5% in positions suspended from trade (ISX is still carried at 29 basis points based on the FY20 accounts so make of that what you will). The clear way to maximise shareholder value is to offer up a redemption facility at NTA rather than roll it into a trust and then charge a 2% fee to access your capital. All this does is give Watermark a call option over three years worth of management fees should they get a capital run.

Precedent was set when WMK/WGF rolled into the unlisted WARF with a zero penalty redemption facility, ALF shareholders at a minimum should demand the same treatment.