Only if the RE wants to favour URFPA over URF to minimise their litigation obligations on the Dixon/E&P class action.
In my opinion this is why they were trying to get an asset sale done prior to 31 December so the URFPA could be "repayed" at $100 face value.
I can't see the RE not converting URFPA and saving $17.5m p.a. as otherwise they will undoubtedly face a class action from URF holders.
At $0.265 URF the URFPA should trade at:
205 shares x $0.265 = $54.32
Full Year 2022 distribution = $ 6.25
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$60.57
Ann: Termination of Purchase and Sale Agreement, page-9
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