Ann: WAM increases offer consideration, page-7

Yes. The WAM offer is dependant on the telecom business being sold to Optus.
If the motion to sell to Optus is passed, and the telecom business passes to Optus, then the offer from WAM is almost unconditional.
I have used my entry into AYS to enter WAM at approx 30 cents under the prevailing SP.
I suspect many others have done likewise. I suspect that the sale will go thru, and that WAM will end up getting quite a number of new SH along with the Franking credits. AYS largest SH has stated that they will vote in support of the sale to Optus.