The first $255m of equity has to go to hybrid holders. They...

The first $255m of equity has to go to hybrid holders. They can't do anything with the capital structure of the ords until this is sorted. Obviously there won't be $255m in equity - so whatever equity is left, belongs to the Hybrids.

It's there on the balance sheet what is owing to the hybrids.

I'm sure most hybrid holders will be happy to entertain another offer - but it needs to be a reasonable compromise.

Suitors will be scared away while this structure persists.

PXU only.