Ann: URF executes Purchase and Sale agreement, page-73

there's no logical answer because it isn't a logical move. It is driven by E&P's desire to move on from this chapter and settle their liabilities with ASIC Aamd the class action. if they pay out the prefs, that's none less class of aggrieved investors to deal with.

regarding the CPU holders buying URF to vote through the proposal, they should note that 22c is not guaranteed, it's conditional on selling the remaining development assets and limiting the wind down costs., and also waiting more than 12 months for the second distribution. They/we could end up with 18/19c only, so it's costly buying at 22/23c.

The best course of action for them is voting down this ludicrous proposal, converting to ordinaries and spilling the board, replacing it with a board committed to cutting more costs (there remains substantial waste in this business, e.g. two CEOs), and continuing to sell assets at NTA, while deploying excess cash to buybacks. It's very simple really.