There is always interest - sometimes it is just to look. Sometimes its just time buying so that debt holders can sweat and start realising what will happen unless they convert some of the debt.
In reality I think that GNSPA buyers are not looking for low yields and Low Risk. You could have got a bank product to do that - its the franking and possible upside that gives you a ticket to both. the 400 maximum conversion was never an issue until the sp tanked. Now it makes the product less attractive - yes in hindsight after the sp dropped through the floor.
Its time this management team realised that its not about trying to look as if nothing is wrong. We all know that the ship is leaking. Convert the GNSPA let everyone take a haircut and put up the debt behind us at 12 c per share for anyone who wants to buy it. Make sure you have the least amount of debt and lets see if we can get out of this mess.
I will not take up 1 extra share if I dont believe management have taken all the pain. That includes GNSPA - I wont be putting my money in for GNSPA to be paid their interest at this high rate. The market values GNSPA @ say $52 the rate of interest on that is huge. Just force conversion and be done with it. Whether their is a market for hybrids is not our worry survival is.
I only own very few shares.
Oh by the way I hope all the contractors bills are on the records as well because if they are somehow not being paid I worry that I have the full picture. IMO this has less than 30% chance not to just suspended and the inevitable death emerge later.
This is probably a great advert for how the Greens will manage the economy IMO.
GNS Price at posting:
16.0¢ Sentiment: None Disclosure: Held
