JJ, Hybrids are essentially a debt instrument , sitting just...

JJ,
Hybrids are essentially a debt instrument , sitting just above the ordinary shares.
They pay a discretionary dividend, and no ords dividend until they have been paid out.
Holders have been in a Mexican standoff for years.

If you are very brave, and have any thoughts on investing in either ppx or pxupa, you should read the original prospectus.

http://www.paperlinx.com.au/Resourc...DS_Step_Up_Preference_Securities-Feb-2007.pdf

cheers