Have just read through the proposed withdrawal offer and it...

Have just read through the proposed withdrawal offer and it looks to me like there is some money to be made here.

As I read it they can accept up to 25% of units on issue +5% if more tenders are recieved and + 5% at their discretion ie up to 35% of units on issue.

The discount range will be 5 - 15% to NTA so using the August NTA of $1.05 (and will possibly be higher given raise in markets) they will redeam at between 0.8925 and 0.9975 vs the current market price of 0.715.

therefore say 30% of holdings there is between a 17.75% 39.51% profit available.

There are 173,980k units on issue (plus 67,640 held by Linq fund 2 - I thought they were going to cancel these??)Assuming 30% of units are redeemed at a 15% discount to NTA = 52,194k units @ .8925 = $46,583k. Reducing NTA from $182,679k to $136,096k, leaving 121,786 units on issue and a NTA per unit of $1.118 - an increase of 6.4% (implying a unit price at current discount to NTA of 76c also an increase of 6.3%.

I think I have worked it out correctly - while unit price has consistently disappointed I think there is money to be made here - worst case (30%*17.75% + 70%*6.3% )= 9.71% over current unit price.

Interested in other views / critique of my analysis ?