Ann: URF executes Purchase and Sale agreement, page-70

This is the part of the ASX Listing Rules that E&P/URF are "utilising", none of the ones you guys have put forward. Hence, URFPA can't vote. IF there is a deal, minimum value for PA should be about $78 being $72 on a forced conversion in January 2023 + $6 of dividend. Ords would be worth 35c in that scenario assuming this deal represents "value". You are relying on E&P to be able to negotiate and the prices of URF/URFPA suggests market doesn't have confidence in them. If this is a "baseline" value - it's not - then either piece of paper at 22.5/$80ish would be an asymmetric trade.