Companies always need to redeem instruments at par. I think that is an assumption in business language and dealings. Otherwise any company could just choose a random low value to redeem a bond or preferred.

In this case, the preference shares can be redeemed at par ($100 face value) in 2023. If they are exchanged for URF shares, they will be done at the current market value (a slight discount is given I think). At $0.26, that means ~384 URF shares per $100 face value. However the preference shares have a clause that the max number of shares that can be issued is 205 URF shares. So as long as the exchange rates come to an amount over 205 shares, we will only get 205 shares. 205 shares right now are worth $53.30, which would be the worst case scenario value at today's prices.