Yeah Blues, I had similar thoughts if they could pay a divy. Can...

Yeah Blues, I had similar thoughts if they could pay a divy. Can they pay a reduced div or is it all or nothing?

Note PXUPA face value is now $255m.

It's a bit messy to know which security gets the benefit. You can imagine sorting out the hybrids would be a priority. I think they'd need to offer at least $50 to have any chance of getting to compulsory acq.

On the other hand, they may take the same hard line approach as per the last number of years whilst they try and rebuild the company. The risk then is that the ANZA business declines. and everyone loses. Afterall, the ANZA is only marginally profitable and they do need to make further investments to grow the business.

Can we trust the incumbents though??