intriguing that they have announced $30million as the figure with the discretion to vary it. And that they are not redeeming the repurchased securities just holding them in Elders Finance Pty Ltd.
This is clearly just a first step as they will have to deal with the remaining hybrids and holdouts. At least it puts an $80 floor under the hybrids.
Ordinaries should like this. Easily the most accretive investment the company can make. ie. buying back $100+ of obligation senior to ordinaries for 80c in the dollar.
Ann: On Market Offer to Buy Elders Hybrids, page-3
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