I agree and hold GNSPA & GNS on a 5:1 ratio for the fairly...

I agree and hold GNSPA & GNS on a 5:1 ratio for the fairly secure double figure return of the former plus a little bit of spice in the headstock should the mill go ahead.
Re the opposite directions of headstock & hybrid. Exactly the same happened with FCL & DXS a couple of weeks back & also with one or two of the bank shares vs their hybrids. There's not much point spending time in finding logic in market movements of late but my feeling is that 1) in a thin hybrid market the spreads can be large & one or two daft "sell at market" orders can cause large movements downwards in the absence of buyers. If I see a large spread & no buyers except bottom fishers at several dollars below last deal price, I often put in a speculative buy order a cent or two above the lowballs and have been pleasantly surprised at how often the fish bite! 2) I do wonder whether with all this talk of a market recovery or having passed the lows, some investors may be selling out of hybrids hoping for a faster ride up on ordinary shares.

That's fine but remember the tale of the hare & the tortoise!
I'd rather have capital growth AND a less vulnerable divi, thanks, and the resets at higher margins give a good buffer while interest rates fall and will be the icing on the cake when interest rates bounce.