Purely my opinion. The margin on this is currently too skinny...

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.