Agreed with all above. Re point 4, cash at 31/3/22 was US$50.8m...

Agreed with all above. Re point 4, cash at 31/3/22 was US$50.8m per the quarterly update released on 11 May. RE should announce 10%/12 months buybacks of both classes of units immediately- which could then start 14 days later. They should buy back very aggressively at these price levels. Combined market caps of the two classes are 48% discount to net equity value per the 31/12/21 statutory accounts, and imply portfolio assets value of 25%+ below those accounts. Depending on take up of the buybacks, RE should then seek approval of unit holders of both classes (by ordinary resolution, as permitted under the PDS for each class) to increase them to say 25% BB, if sufficient cash permits. I’m not aware of any covenants in the GA loan facility that would preclude those actions. URF’s debt is much cheaper than equity, and loan repayments should be limited to only the amounts required by the GA facility. All concerned investors should contact the RE to urge it to proceed quickly with actions 1,3 & 4 stated above (pt 2 can't be done until 1/1/23). DYOR