Tranche 1 AND 2 will go to whoever is holding shares when they...

Tranche 1 AND 2 will go to whoever is holding shares when they effect the capital return. The company will advise of a specific date that the relevant holder is entitled to that return.The day after the effective date the SP will crash to reflect the lesser value of the cash backing of the company.

If you're not holding on either of these two dates - you get no return. If you're holding on tranche 1 day but not tranche 2, you only get the first lot.