Ann: URF Webinar Presentation, page-4

My understanding on the new RE structure is:

1. There will be a new fund named URF II. This new fund will own a holding company. The holding company will own the new RE.
2. The new URF II fund will take ownership of all the current URF units. The URF units will continue to exist, they will just all be owned by URF II instead of us.
3. URF II will issue new units (the URF II units) to us on a 1-for-1 basis. These new units will be "stapled" to the old units so we get all the same rights that we had with the old units. And if we sell one of our URF II units the rights from the stapled old units go to the new owner along with it.

And my understanding of the rather mysterious 0.5c is that this represents the cost of setting up this whole mess, and applying to the ASX to list URF II on disallowed translates to roughly 0.5c per unit. In theory that would translate to a loss of 0.5c per new unit when they open on the ASX. My hope is that getting rid of the deeply detested E&PIL will deliver a price improvement that will offset the extra costs. And in any case, I think it's worth it to be rid of them.