Initially the plan was to do the spin-off first. Then settle the plantations (IMO). That's the logical order if parent is leaving altogether.
But the spin-off has taken over a year and so they decided a different strategy. That's where the preferred shares come in. It's still the same settlement IMO. But they will do this one first and the spin-off later.
I haven't told you anything new today. Except that it is pretty obvious that the preferred shares and the settlement (plantations) must be related.