SMSF buying units in Navra Offer

Hi again - sorry to start another thread but my last question reminded me I have an unresolved issue ...

We have a Hybrid Discretionary Trust of which I am Director for the Corporate Trustee and both my wife and I are beneficiaries. The HDT holds some units in the Navra Company (ie. the shares, not units in the NI managed fund)

We also have a SMSF and myself and wife are trustees.

The SMSF wants to buy some units in Navra.

So my question/s is/are :
1. Am I right that the SMSF is not allowed to buy the existing shares held by our HDT (even at market rate), because its not allowed to invest in anything in which the beneficiaries have an interest ?
2. If the SMSF wants units it would apply via the current offer, and if the HDT wants to divest the existing units, the only way would be to offer them for sale to other (unrelated) investors ?

I sometimes think I am kind of like a kid who's been given a shotgun instead of a popgun - ie. might seem like a good idea, but potentially dangerous ;-)

Cheers
Carl