Samuel Terry letter to APW unitholders, page-3

Hi there!

Firstly, thank you for the recent boost in the share price, it’s nice to see the NAV gap narrow and the fees waived thanks to your efforts. Just want to understand a bit better about how this wind-up all works from you and the other posters who seem quite well versed in the stock:

The listed investments and cash of $0.80 sounds straightforward but I am wondering about the disposal other $1.24 of unlisted securities and property. APW has painted a picture of a fire sale while you and posters here seem to see it as more orderly sale.

1. If a wind-up is approved, is there a legislated or required timeframe? Or is it indefinite at RE’s discretion? If the latter, what effect does the motion have?

1. How much retained capital gains / losses is there in APW? I am struggling to find it in the latest accounts. Just wondering what tax implications there might be from winding up realising the assets.

1. Does a wind-up require assets be sold for cash or could we also see in-species distributions of assets?

1. Was there a particular reason to move for a wind-up rather than some binding motion to sell the liquid assets and return that part of the capital, or change to a different RE?

Cheers,