puzzle solved - gr great job, page-54

Sorry just noticed the post.


Yes *variable* is a traditional hybrid which works like a bond, fixed price of 13c per hybrid(+cap int) thenthey can be paid out at 13c or converted if converted then for eg if cnp was 26c @the time then the conversion would be 1 cnp share for 2 of the hybrids.

Personally if you are considering weether to buy or sell the gamble is buy if traditional hybrid sell if of the fixed ratio type, i think i will stay out i am not a specy player.

I would imagine if it comes oout that it is traditional you should have considerable upside.

hope that helps, i struggle to make it clear in writing it is much easier to talk it through.