drp or cash out on the 5c divvy, page-5

So the actual cash received from each unit would be the distribution minus the tax on the income per unit.

9c - (12.5c * 0.3) = 5.25c

Equivalent dividend (annualised) = 5.25 / 40 = 13.1%

The market seems to be applying a discount for uncertainty over future income.