Ann: Letter to Shareholders, page-66

Agree. Anticipate Langfirst (20pc Shareholder in AYS) will exit WAM once they get their shares as they are more active investors. As foreign shareholders they don't benefit from franking credits so doubt they will stay around for the divvy. Looking at the daily volume of WAM, they will need to consistently sell for a month to exit their holding.

This is a very different situation to CIE/CLF where the existing shareholders were in an LIC already. AYS shareholders preferred to invest in a trading business.

If this trades at 80c, I'll be out as I anticipate that once the WAM offer opens and the first batch of shares are issued, there will be a rush to the exit. Will be able to buy this back lower.