seven-westrac mergerkwhat a great deal!, page-13

Well you certainly have a contractual right to the interest payments before a dividend but bear in mind that Stokes has just "figure out" how to take those contractual rights for the 3's and force you into the 4's.

I'd like a partner that acts like a partner. The balance sheet strength underlying the 4s is going to be very different to the strength underlying the 3s.