Ann: MUA signs Scheme Implementation Deed with LIFULL Co.Ltd, page-96

Where did you get the 10.7% max uplift, Jausty?

Looking at clause 3(2)(Allotment Ratio) of the agreement, I read the bottom cap as being 112% of 0.0753 (the allotment ratio), or 0.084336 LIF shares.

Using a 20,000 share holding - because it's then easy to compare holding versus cashing in - that gives shareholders

Cashing in = 20,000 x $0.80 = $16,000

Holding = 20000 x .084336 LIF = 1,686 shares @ 8.90 (per your Forex number) = $15,005. Not a great argument to hold.

But that's at today's Y741/Lifull share. If over time they get back to $9.49/share (Y790), the $16,000 is reached. By the time they hit Y850 that's a return of $17,208, and if Lifull can be sold at Y1,000, those 20,000 shares return $20,247

Given the ASX is buying MUA at around $0.70 now, sellers with parcels >20,000 won't realise an average of $0.80/share, so the break even point for converting to Lifull shares will pretty close to where they are priced today:

For example, 40,000 MUA shares would get you $30,000 (20,000 on market at $0.70, 20,000 paid out at $0.80 by Lifull).

40,000 MUA shares lands you 3373 Lifull shares. At today's Y741/share, that is $29,854.

Holders of >40,000 MUA shares would seem to be better off making the leap to the TSE.

Not totally sure I have all that logic and maths right. Happy to be corrected if I don't.

DYOR - GLTAH