Regarding the discrepency between the 40 million RPS initially...

Regarding the discrepency between the 40 million RPS initially issued and the 34.8 million quoted in the presentation, I think the explanation lies in the fact that there was a large number of RPS converted to ordinary shares in 2006, when the share price was high enough to justify doing this. From the interim report to 31 March 2006, there was this note:

"Pursuant to paragraph 6.3(a).3 of the Terms of Issue of Timbercorp’s Reset Preference Shares (RPS), an RPS Holder may submit to Timbercorp a Holder Exchange Notice under a Minimum Conversion Number Notice (MCNN) requesting an
Early Exchange. Timbercorp has received valid MCNN’s requesting the Early Exchange of 4,842,354 RPS, which
represents 12.1% of the RPS currently on issue. Timbercorp will convert the applicable RPS into ordinary shares and
accordingly on 31 May 2006 the company will issue 4,402,172 ordinary shares in exchange for the cancellation of 4,842,354 RPS."

Since that time there have been a few more early redemptions and so I believe the outstanding number of RPS is the 34.8 million quoted in the presentation

This is not financial advice, do your own research

Cheers