I agree Elders can afford to deal with the outstanding hybrids if all goes well with the rights issue and conditions don't change (or even improve) over the next year. You won't be offered ~$110 in the next couple of months, it will be closer to a year away. If conditions deteriorate they could easily put off paying a dividend for another 6 months or year, meaning no incentive to redeem until then.
Now I don't think that will happen, and I as a ELD holder expect dividends to resume next year, but I just say it is not risk free.
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