Yep . Possibly they did it this way as a covert way to just raise some cash to deleverage and/or make acquisitions. Any hybrids they could buy at a discount was just upside.
Although my argument for a long time has been that if they just sorted out the hybrids the shares would trade at a higher multiple and they could tap the market anytime at better levels for any deal they might need capital for.
Ann: Capital Raising Presentation correction-ELD.AX, page-73
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