Ann: ELDPA Hybrid Distributions, page-10

If the company was taken over, the ELDPA issue would need to be resolved - full payout at face value is the nominal requirement I think. For the PAs ELD hold in the subsidiary they could negotiate a lesser than face value price in a takeover situation to mitigate the dose of the so called "poison pill" I suppose - if they really wanted to do so.

If ordinary share holders want to be paid dividends from profits then ELDPA distributions would need to resume some time (6 months?) prior as a pre-requisite.

By buying some ELDPA on market through a subsidiary ELD can (down the track) resume distributions to ELDPA holders and at the same time mitigate the overall capital cost of that exercise because for the PAs they hold through the subsidiary the distribution just goes on a paper merry-go-round back to ELD.

One might assume that the buying of ELDPA signifies that distributions may resume sooner rather than later. I doubt they would buy them on a random whim without strategy.