I am not sure how targeting YOW would be advantageous to WAM....

I am not sure how targeting YOW would be advantageous to WAM.
Price exceeds NTA
KBC has control of YOW and loan from KBC to YOW remains outstanding
YOW market valuation is higher than cash backing
Tough business chocolate/ contract chocolate / toy at small scale. KBC have IMO installed their own management .
YOW reliant on a few major clients and unproven ability of running business they have purchased in Melbourne of chocolate manufacturer., contract manufacturer that needs scale and longer term contracts to get margins ?

Apart from buying YOW at a big discount if KBC had to liquidate shares and gaining control you still end up with a company not making decent $ early in its lifecycle but it does have tax losses if you have a cash positive profitable business to back into shell. That is what KBC have tried ? Unless you have control of YOW you area passenger just like shareholders in KBC and at the mercy decision of board and management and as shown by court documents - that is IMO a risk.

Where is the value in buying YOW for WAM and how can WAM then exit that investment ? With only minority holders left in YOW I can't see any leverage WAM could achieve apart from causing further frustration to KBC at low cost if KBC had to sell down.

One would assume KBC if they had to sell down would place with a friendly to them purchaser not WAM if they had a choice or have a friendly line of credit etc etc