Hi there! Firstly, thank you for the recent boost in the share...

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,