announcement, page-25

Well I don't include it in my gearing ratios as I consider it to be quasi equity myself, but a lot of analysts do. Some of the gearing figures I have seen when referring to BBI obviously have included it.

Still, right now the pref holders are expecting their $1 of cash back aren't they. If you don't want to include it in your gearing ratios then that is OK by me, but unless the company comes up with the $700M cash and all the accrued interest to pay it off, then be prepared to dole out a whole bunch of ords to replace it with.