Austted the analysis should also include rights issue scenarios such as we convert hybrids to xyz shares then do a rights issue to raise say xyz amount of money.Say for every so many shares the chance to buy so many shares adding to an amount of capital say $50/$100 million.If the hybrids convert and don't want to take up the shares that is up to them.The underwriter will then take up the outstanding shares but will need to find an underwriter.The so called crippled balance sheet is still a so called crippled balance sheet unless you raise capital.A conversion does not add to cash flow a rights issue does.I think the share price will react more positively with a conversion and rights issue.If I could see a profit/loss forecast for the next couple of years which would be required I would look at investing.At the moment I would not invest because the risks are too great and I would be winging it.
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