finch2 - I think the report is referring to break-up values, and...

finch2 - I think the report is referring to break-up values, and doesn't consider the long-dated out of the money option value of the ordinaries in arriving at those figures.

So long as the hybrids have some value, one would think there'd be at least some time value to the ords.

The report is otherwise generally sound. It's weird though, looking at the final section of the report, that anyone reading this would have to be reminded as to whom Warren Buffett is.



[I hold PXUPA only]