Base on last annual report. You would have to burn away 124 million in equity before hybrid holders take a hit on the 100 dollars face value. If the equity value is correct and that's a big IF as things stand, the current share value is about 27 cents. In my calculations, I have removed all intangible ie. NTA based calculations. Offer FPO holders 20 cents and they will jump for it. The question remains where does the balance sheet stand at present, that's anybodies guess.
Ann: Rural Services Trading Update , page-19
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