kinghorn, page-4

I'm afraid that part of the answer is that there is no guarantee of how much of the NTA could be realised in a liquidation.
Essentially, the NTA of AXQ is the pure mezzanine component of the finance that allows AXQ to borrow at AAA, and lend at BBB etc.
To sell the loans, they would probably have to be sold at significantly less than face value.
Also note that AXQ was never particularly efficient. From the point of view of someone investing at $1 on IPO, the payout has been LESS than a term deposit (putting aside the almost total loss of capital).

Basically, I'm kicking myself for investing in AXQ (even at the about 35c), but can't get out now.