My take on it: it's actually smart imo.
a) They will only be doing this if they think they can make more on the other end. Maybe a cheap aquisition in mind? They are increasing the offering maybe with this in mind.
b) There is no dilution because conversion isn't until 2016 when SP will be much higher anyway (hopefully), and if things go well they can just buy them back.
c) Much better than diluting now when SP is low. The fact they are doing it this way tells you something about their opinion of the SP.
d) yes it will be liquid.
Ann: ANZ CPS2 Margin Announcement , page-5
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$31.30 |
Change
0.460(1.49%) |
Mkt cap ! $93.59B | |||
| Open | High | Low | Value | Volume |
| $31.10 | $31.30 | $30.82 | $151.1M | 4.851M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 19 | $31.20 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $31.30 | 10183 | 2 |
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