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lordolean..
I somewhat disagree with your comment re the ELDPA Hybrids. With these, as with the ords, there are obviously 2 issues, capital preservation/ gain and dividend. On the first, the security and chances of returning to somewhere near par are clearly far better for the hybrids post recapitalisation than before - whilst ords get diluted in a recap, hybrids do not and indeed become more valuable because there is less risk of default. On the second issue, sure it's a pain missing the divi for two years but again, one is still in a far better position than with the even more remote and much diluted divis of the ord holders. It is interesting to note that the PaperlinX hybrids have actually risen in value despite divi suspension because of the apparent de-risking of that investment. The market on Monday may well disagree, but having bought ELDPA in the low 30s, I'm more than happy to keep them tucked away for the future rather than worrying whether Elders would survive until year end.