I don't think any of it works if you don't have a senior listing. The market dynamics don't work in your favor unless you have a healthy ecosystem of investors. And even then, you still have to get the dividend right.
Like I said before, I'm not convinced this is even appropriate. I would like a clear and unified explanation of what management is solving for. A few of us are just guessing that the purpose it to value the stock according to it's yield but since management hasn't said, we're just guessing.