you are totally missing the point re a hybrid, you do not compare them to equity, they have a totally different structure and risk profile. A bit like me saying apples are better than oranges,
With most hybrids you are playing a risk/income/known return game and they rank above normal equity and have prefered divi for getting that extra security you miss out on limitless upside in comparison to equity. Also the prefs in general have liquidity problems which would not help traders.
A capital raising could halve the NTA per share in FCL but increase assets available for the prefs so your comment regarding the price of FCL in normal times is pointless if there was dilution before that occurs
FCL Price at posting:
37.0¢ Sentiment: None Disclosure: Not Held
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