I was having a look into the SVWPA (TELYS4) hybrids, but I couldn't seem to find what value SVW would use to convert the hybrids into equity. Would they use the closing price of the hybrid on the dividend date (if they elect to convert), or the $100 Fv? I haven't traded hybrids before, so not sure if this is common knowledge or I just skipped over the relevant paragraph in the TELYS3 Scheme book (basis for TELYS4). Additionally, if conversion were to occur, how long would this process take before you had your SVW shares, e.g. would it occur over a week or the following day?
Any help on this would be greatly appreciated!
svwpa, page-58
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