Obviously you are correct, the Scheme should include a cash...

Obviously you are correct, the Scheme should include a cash option but that is not in JB's interests.
He is very good at what he does. Spoiler Alert: I am not referring to generating good returns for investors, he is good at maintaining his FUM
He almost certainly has lined up the votes to ensure this Scheme gets passed. He knows the majority of investors will note vote. Most investors will be rolled into the unlisted trust and be stuck there because it is not easy for them to to navigate through the KYC. Some will realise this and just sell on market before the Scheme date pushing the ALF price below $1
You have to admire how cunning it all is