Why would anyone want to participate in the buyback. If my...

Why would anyone want to participate in the buyback. If my understanding is correct it's a big con and reflects poorly on Fat Prophets' Management. They seem to be only interested in maximising their income rather than offering the best investmnet advice to subscribers/shareholders.
My understanding is that the Buy-Back Price will be equal to the NAV net of tax per share in FPC as at the Closing Date less a discount of 3%.. If one received cash that might be acceptable. However, instead one receives FATP units based on an (inflated) offer price of FATP units on the the Buy-Back Date. It may be that the discrepancy is attributable to, on my understanding, that the pre and post tax position of FATP units is the same as the holder has the responsibility for paying tax. If so, a prper basis of allocation IMO would be the NAV pewr share of FPC pre-tax! DYOR