I would go so far to say that the RE is being negligent in recommending this Scheme as opposed to upholding the terms on which the hybrids were issued.
When the RE says: "The Directors of the Responsible Entity intend to unanimously recommend the Scheme, subject to no superior proposal emerging.." The conversion mechanism enshrined in the terms on which the hybrids were issued is a superior proposal.
hybrid terms, page-2
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