I’ve double checked my calcs. Generally my maths is good. Maybe my English can be suspect at times as it’s not my first language, so my understanding of the offer is incorrect.
You’re calculation is from a different angle I believe.
Base on closing prices...
If you sell 4 exu shares on mkt, you get 46c (11.5c x 4).
If you sell 4 exu shares to rms, you get 20c cash back (5cps x 4) PLUS 1 rms share worth 38.5c.
So you get 58.5c back in total for the 4 exu shares, which beats the 46c if you sell on mkt?
Divide 58.5c by 4 = 14.6c for each exu share? Not far from the 17-20cps you’re asking. Easily doable if rms takes over exu but more difficult if t/o fails and exu sp retraces, imho.
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