If Elders converts ELDPA into shares at current prices there will be shareholder revolt as there will be too much value transfer from the ord shareholders to hybrid holders given the wide gap between sp and NAB. The Board won't dare!
GNS situation IMO is different... the shares have nil (or negative) NAB after anticipated writedown in the FY12 results, and the conversion from GNSPA to GNS, which is being proposed at around 16c/share (the last traded price before suspension in March), will be of material benefit to the ordinary shareholders.
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