My guess would be further falls in both the ordinary share price and the hybrid price. Price down all round.
Ordinary shareholders are just beginning to realise, as the honeymoon ends, that there is no reason to hold. The ords are on course to be diluted further by whatever happens with the debt and the hybrid following the professional advice, and by the financial results should by some mishap these prove to be poor for the second half of this financial year.
The hybrid holders, as postings on this bb show, are beginning to suspect, rightly in my view, that they are going to be low-balled in favour of the ords, and in any event there is no cash to offer them a cash alternative. It will just be a swap into highly diluted low ranking equity. So no reason to hold them either.
So both the ords and the hybrids can only be seen as sells IMHO. It might be advisable to take whatever you can get now and cut your losses.
SRS Price at posting:
7.0¢ Sentiment: Sell Disclosure: Held
