Ann: Registration and Despatch of Scheme Booklet, page-22

Purely my opinion. The margin on this is currently too skinny and the scheme too convoluted. Like you said it is a mine field. My reading suggests that the dividend will be $0.03 leaving a capital return of $1.01. I discount/ignore the franking credit as any prospective buyer won't satisfy the 45 day rule (especially for a big player).

This means if one were to enter today at $1.01, the margin would be 3%. Further the deal hasn't completed as it is still pending SH vote. There have been similar conversions as of late where the spread was ~5% and this was post SH vote.

Having navigated this before the KYC for trusts, SMSF, i find it too time consuming especially for such a small return.

Further these guys only do redemptions monthly so if you are lucky you won't get your funds till mid April. If the spread were ~10% i'd contemplate it but with the market where it is I feel there are opportunities elsewhere.