Main points as far as I can remember them:Change of manager is...

Main points as far as I can remember them:

• Change of manager is likely to take place early to mid next year. Timing will depend on whether the ASX insists that BAF obtains an independent expert's report on the WAM proposal. WAM are keen to do it ASAP.
• Geoff Wilson sees real opportunities in the alternatives space, for example private credit. WAM have a plan to grow BAF to $1bn market cap with further (non-dilutive) equity issues.
• There was a slide in the AGM presentation that indicated that the discount to NAV is about 64% if you exclude cash and water assets from the portfolio, which in the Chairman's view is way too high. 4 out of the 6 WAM LICs trade at a premium to NAV and the other two (being newer ones) trade at a single digit discount.
• Sounds like the board has been working very hard on all shareholders' behalf to get as good an outcome as possible. It also sounds like it has been very frustrating for the board to deal with KordaMentha/Oaktree on this matter as clearly they have had bigger fish to fry.