"In such case, why wouldn’t you THEN just convert the CDIs to NewCo shares…?"
I certainly will try to do that if the merger proceeds. My question is whether that can be done so easily as suggested in the Scheme Booklet.
"Sure, you might need a new broker for that stock, who can facilitate US-listed companies, but afaik that is not a big deal."
I think opening an account with a new broker which can facilitate this need will be a big deal. The International Trade officer of Commsec told me I needed an international broker. I am still searching.
@stanroc could do it through HSBC UK apparently. I will find out if HSBC Australia can do it too.
"IF the CDIs were ever “cancelled”, for whatever reason, I can’t imagine that you would be forced to sell them…."
That is because you assume shareholders will be able to convert their CDIs into shares easily as mentioned in the Booklet. We don't know if that is the case yet. That is why I said "we may end up ... having to sell our holdings off."
And if for whatever reasons we end up having to sell our holdings off, then surely that means we lose our perpetual right over the assets.
"Do you really think that holding the CDIs is somehow “safer” than holding the NewCo shares via a suitable broker as a beneficial owner..?"
No. I said the opposite of that. I said that holding CDIs without being able to convert them into shares (we still don't if we can do it in practice) is dangerous because we will end up having to sell them if they are cancelled.