The face value of the hybrids is pretty meaningless unless the company is wound up.
Right now the company is not being wound up, it is attempting a recovery as a pure play rural business. Someone in the market thinks this could become a reality.
If it is successful with its strategy the Hybrids should start to receive a regular income at some point in the future.
Any proposed deal that wipes out ordinaries will likely not get a successful vote. Hybrids dont get to vote.
I would suggest that ELDPA holders will not ever be offered full face value unless ordinaries are also getting something decent in the offer that they would vote for. The chances of the company selling with a full payout of ELDPA and a decent price to ELD holders is still not a realistic expectation. Maybe once the recovery is complete but that is some way off IMO
big trade, page-34
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