Ann: First Court Approval regarding the Proposed ALF Restructure, page-6

Under the proposed Scheme, ALF will undertake an equal capital reduction and shareholders will receive a fully franked cash dividend of not less than 3cents and have their ASX listed ALF shares exchanged for a new class of units in Watermark Absolute Return Fund on a one-for-one basis.

Shareholders subscribed to a LIC in the IPO.

Shareholders bought shares in the LIC in the secondary market.

Therefore, shareholders invested in a listed company and expect to be able to trade in the ASX. Shareholders who did not wish to obtain units in the WARF should be able to receive the return of capital. The scheme should therefore include a choice for shareholders to take cash or units in the WARF.

We will only have a modest exposure to equities here so late in the cycle with our principal objective being the preservation of capital as the bubble in asset values will inevitably burst, probably sometime next year.

… ALF-2020-12_Net_Tangible_Asset_Backing

Instead of keeping the cash in WARF we are better off to receive the return of capital in cash.

=> Vote against the defective scheme!!!