eldpa move today, page-10

Hi PV and LZA and SD,
I would agree with what you are saying PV with regard to bbi/beppa vs eld/eldpa, to a certain extent.
But 150mill for hybrids and market cap[commsec today] of 292 mill, still makes the difference between the payout value of the hybrids in a takeover, and their present value, significant.
Would see the hybrids as a significant barrier to a takeover at full value, which is why I think there is a risk that any predator may try to cheapen the payout.
As far as dividends being resumed, no real point for eld to do so, until they wish to resume divi's on ords, and for that to happen, they have to pay 1 years back interest on the hybrids, as well as having enough profits to pay both divis going forward.
Their lenders attitude to payouts may be a factor in all this.
It would be immoral[but good business sense] to not pay dividends for years, and just pay down debt.
And SD, the explicit threat of this, might be a stick which could be used to "persuade" hybrid holders to accept less than par. Have to go back and look at the prospectus, but it may just require a majority to agree, and holdouts will have no choice.

I'm just not sure enough about all of this, to get back in, but would probably hold if I still had them.
I can feel the splinters up my arse from sitting on the fence.

cheers