One thing I cannot understand is the pro-election attitude of NZF. I would have thought they would be equally happy for conversion to equity (this is actually a better outcome for the company - if not the existing shareholders).
Comparison to ALF and the no-dividend reminder indicates that directors are actually taking a negative view on their own share price.
Maybe they think that the election deal they are offering sucks - it needs a bit of "stick" applied, in the absence of any feasible "carrot".