Ann: Notice to Shareholders regarding Fact Sheet , page-5

re: Ann: Notice to Shareholders regarding Fac... By my calc 50c will be returned perhaps Aug/Sept.

Disappointed that there won't be any further spare cash until more than 2 years out (and they havn't quantified how much more than 2 years).

So the discount factor comes down to: how much you want for waiting, then the risk allowance for: how the fund might perform over wind-down, any further bad debts, fx movements, allowance for fees.

Had to change by views a little on the new facts ... and sold down accordingly.