Will this appease WAM? Bid seems problematic given WAM MER 1.10...

Will this appease WAM? Bid seems problematic given WAM MER 1.10 vs WDE 0.80. WAM could seek management rights, though this would be a battle royale. The strategy of protection at the discretion of management is one that can already be implemented by WAM moving its portfolio to cash when they are concerned about valuations, thus WAM may want its money back and the best way to do that is offer an equal access buyback to all shareholders. An on market buyback will take time and not realise NTA for Wilson.

Had WAM not been on the scene, WDE shareholders were about to capitulate as nearly 700k shares were on market, but quickly taken up when the changes were announced. Expect a sunstantial shareholder change from WAM shortly.

Early days, but the MER changes have had a zero impact on share price.

If you agree with the above, then buying now and selling into the buyback is a logical arbitrage against the market.