Perpetual: The Perpetual Preference Shares have no fixed term and will remain in existence unless and until they are redeemed or repurchased for cash and cancelled (unless held as treasury stock in accordance with paragraph 1.24 of the terms of the Perpetual Preference Shares) or MTF goes into liquidation. Perpetual Preference Shareholders have no right to require redemption by MTF.
That's all you need to know right there. Probably one of the main attraction of MTF to another party is this ultra cheap source of basil 3 compliant capital funding as I can't see from the most recent half yearly results or outlook commentary there's a heck of a lot of compelling reasons as a stand alone acquisition. Probably the other main attraction is synergy benefits expanded product range although it could be easily argued that the acquirer could fill out their product offer themselves.
I can;t see any compelling reason to own these perpetual pref shares IMO. Current yield is ~5/ 0.76 = 6.58%...that would engender nothing other than a big yawn from me.