My 2 cents.
Agree that this will provide the company arbitrage leverage to bring both prices close to NTA.
But I don't understand its structure. P25PA has a trustee, so it seems it is running a trust fund. But the prospectus also says the divvy will aim to be franked max possible. I am confused.
Ann: Letter to Shareholders - Entitlement & General Offer, page-14
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