Ann: Termination of Purchase and Sale Agreement, page-20

"I was shocked how much the URFPA fell after the termination" – it wasn't that surprising. The CPUs had been tracking pretty closely to 205 x ordinaries before the now-aborted sale was announced. Part of the shock is that the terms of the sale absolutely crushed the ordinary price, so when the CPUs no longer had the potential of a face-value payout they returned to tracking the conversion ratio.

So, now the sale is dealt with, what has the board achieved?

1. They have completely destroyed any remaining credibility attached to their estimated book value, which had little enough credibility to begin with based on the discount to NTAV prior to the announcement.
2. They have as a consequence even further depressed the ordinary unit price below the pitiful value it had before the announcement.
3. As a consequence of crushing the ordinary unit price, they have crushed any expectation of upside for the CPUs above the conversion ratio.
4. They have demonstrated that the entire board lacks the aggregate brainpower to light a LED desk lamp!

It would be interesting to see what rationale they have for putting up the sale in the first place.