CONTRARIAN VALUE FUND LIMITED(CVF)

company is deregistered today

final distribution of about $0.0136 per share made - the company is being wound up

delisted from the close of trading on Friday, 26 February 2021, pursuant to Listing rule 17.11.

we understand the company was being wound up with shareholders receiving since the AGM a dividend of $0.09 (franking credits $0.037) and $0.925 capital a share with a final distribution of $0.01 a share expected

at a general meeting of the members of the Company held on 25 February 2021, it was resolved that the Company be wound up and that Sean Magnus Wengel & Michael Craig Brereton be appointed liquidator(s).

The company releases the Results of EGM.

Under Listing Rule 17.6, any entity (if not already suspended) that has not paid its annual listing fees by close of business on Friday, 19 February 2021 will have its securities suspended from official quotation before the commencement of trading on Monday, 22 February 2021. The company has not paid the second instalment of its annual listing fees in respect of the year ending 30 June 2021 but the securities are already suspended from official quotation.

As of 17 February 2021, cash balance (less accruals for known expenses) = $676,998; shares on issue = 69,470,935; cash backing per share = $0.0098.

The directors of Contrarian Value Fund continue to hold the recommendation that shareholders should vote in FAVOUR of ALL the resolutions at the upcoming EGM on 25 February 2021. Proxies are due by 12pm (AEDT) on 23 February 2021. In the proccess of seeking tax advice about the quantum of tax assets in CVF, the company has wade aware of the loss carryback rules. The company is currently exploring the possibility of accessing these rules. The directors believe it is most unlikely that a transaction with a third party would result in a more advantageous outcome for shareholders. The final return to shareholders (excluding any upside from the loss carryback) is still expected to be around $0.01.

The Directors have reinstated Director's fees from 1 February 2021, originally these were due to cease prior to the EGM on the basis that the Company would cease to be under the control of the Directors. Payment of some invoices may constitute a "˜material' amount when viewed against the current cash balance. To the extent that any one invoice causes significant movement (>$30k) in the Company's cash balance week on week the Directors will disclose what these costs were related to. Costs for the winding up of the Company are not included in the accruals and have therefore not been deducted from the cash balance. CVF's cash balance (unaudited) as at 10 February 2021 are as follows: cash balance = $682,607; shares on issue = 69,470,935; and cash backing per share = $0.0098.

The company's EGM scheduled to be held tomorrow, 4 February 2021 at 12pm AEDT, is adjourned until 25 February 2021 at 12pm AEDT.

On 27 January 2021, the CVF Directors met with RAMcap Directors to further discuss the Offer. Following this meeting and upon further discussions both with and without CVF's legal advisers the CVF Directors have formed the view that that the Offer will not result in a more advantageous outcome for Shareholders. In the absence of a superior offer, it is the intention of the Directors to conclude the Sale and Distribution Proposal originally approved by Shareholders at the Annual General Meeting. The Directors continue to hold the recommendation that Shareholders should vote in FAVOUR of ALL the resolutions at the upcoming Extraordinary General Meeting on 4 February 2021 and would like to remind Shareholders that proxies are due by 12pm (AEDT) on 2 February 2021.

On 13 January 2021, the Directors of Contrarian Value Fund Limited received a complex non-binding proposal from RAMcap Limited in which, amongst other things, CVF would acquire the shares in RAMcap for the issue of shares and options in CVF. On 21 January 2021, the CVF Directors informed RAMcap that the Company would not be engaging in discussions on the Proposal as the CVF Directors viewed the Proposal as not being in the best interests of CVF Shareholders. The Directors of CVF were notified by RAMcap that it had withdrawn its Proposal and received a letter stating RAMcap's intention to make a takeover offer to purchase all the shares in CVF for cash consideration of $0.01 a CVF share. The Offer is subject to several conditions being met, including a 50.1% acceptance condition. Until the Board have concluded their deliberations, CVF Shareholders are urged TO TAKE NO ACTION regarding the Offer.

The company releases its final CVF Monthly Update. NTA at 31 December 2020 is $0.33.

The securities of Contrarian Value Fund Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of CVF, pending the release of an announcement regarding the results of the resolutions at an extraordinary general meeting, due to be held on 4 February 2021.

we understand that on or about this date the company made a capital return of 61 cents per share

name changed from Arowana Australasian Value Opportunities Fund Limited