andrew price has a dummy spit, page-11

Unfortunately I tend to agree with Jamwolf. The sensible thing to do would be to blow it up and sell off the businesses of the company as going concerns and distribute the proceeds...or at least reduce it to a much smaller version of itself and reduce debt in the process.

However, major shareholders seem intent on going for the home run as long as the hybrid remains in place. If this goes on much longer we all get nothing.

This is a classic case of the hybrids creating perverse incentives for the ordinary shareholders to take excessive risk.

To answer Nathan's question, hybrid holders who accept the offer have to wait 3-4 weeks until after the offer closes to get their shares.

My take on this deal when it first came out was they would be lucky to get 5%. Who is taking the over/unders on that number?

Considering the amount of time and money that has been spent concocting this deal it is amazing this is the best they could come up with.

PXUPA only