Kaplan Text Book Page 258-Coaster Co

Hi Sir,

The question asks us to identify whether the Financial instrument is equity or liability

1)1 million preference shares for $3 each. No dividends are payable.
Coasters will redeem the preference shares in three years’ time by
issuing ordinary shares worth $3 million. The exact number of
ordinary shares issuable will be based on their fair value on 30
September 20X6.

The answer is the text book says its financial liability because ” contract that requires the entity to deliver as many of the entity’s own equity instruments as are equal in value to a certain amount should be treated as debt.
However in the 2nd part of question

2)2 million preference shares for $2.80 each. No dividends are
payable. The preference shares will be redeemed in two years’ time
by issuing 3 million ordinary shares,

But the answer says that “A contract that will be settled by the entity receiving (or delivering a fixed number of its own equity instruments in exchange for a fixed amount of
cash or another financial asset is an equity instrument”

My question is how is that 1st one is treated as an liability and second as an equity when in both scenario coaster is “REDEEMING” the preferences shares by issuing its own equity instrument. In both cases i see that the company is obliged to deliver the equity instrument.