"That is probably hypothetical, as I expect WAM to have...

"That is probably hypothetical, as I expect WAM to have triggered the compulsory acquisition rules before the record date."
That is a big call to think 90% of shareholders are prepared to accept the WAM offer before record date.
There would be a number that are looking forward to the 50c (with some franking) and then perhaps accept the WAM offer.
However, understand that WAM have the discretion of closing their offer before or at the record date of the first distribution.