Ann: URF Webinar Presentation, page-5

I agree except that the 0.5c per unit is not a loss but represents $3.5m cash buffer (“the New Responsible Entity will be capitalised by URF to an amount of $3.5m to satisfy the regulatory requirement to hold a minimum level of NTA and provide some working capital”). That cash stays in the URF group. The tax explanation of the 0.5c is confusing but the money stays in the URF group as a cash float- it's not lost or spent, so it shouldn't affect the market value.

The cost of this turgid document/process is an amazing $1.1m. Although it seems complex it is a standard process that has been done several times by listed trusts. It looks worse because they repeat everything 3 or 4 times. The $1.1m is a sunk cost irrespective of the voting outcome. What is even worse is that unitholders will have to pay an extra success fee of about $300K to the financial advisor if the restructure is approved. The Board should not have agreed a success fee on what is a routine matter.