Ann: Explanatory Memorandum, page-66

On balance, I have voted against the proposal.

The unlisted fund will only be more attractive than the status quo if you believe at least one of the following:

-- there will remain a significant amount of investors willing to hold their exposure
-- if there is a slew of redemption requests, the manager will effectively move towards winding the fund up. i.e. stop reinvesting, borrow to service redemptions, allow redemptions much higher than 5% per 6 months, and ultimately look for a secondary fund to buy out the underlying exposures