By deferring their fees, they've enhanced their returns, thanks to the magic of compounding.
$100 at 9% less $1 fee per annum would end up less than if you paid the full fee at the end of the cycle, because the fee would be earning a return in the meantime.
At least that is how I interpreted it.
Ann: First Buy-back Offers Made to Acquire MIS Assets-TFC.AX, page-5
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