Hi Flip,A few of possibilities that may make your payday come...

Hi Flip,
A few of possibilities that may make your payday come early.
4.7 is a fairly hefty margin.
If eld has sorted itself out by 2011 or beyond, such that it is able to access finance at less than bbsw/10year rate plus 4.7, may redeem.
If general risk premiums contract, and a reasonable percentage of holders take a lower % on remarketing, those that dont accept new terms, may be redeemed.
If there is a takeover, conversion/redemption has to occur[my favorite, as it introduces a further premium].

Would agree that longer term scenario more likely.
Another bit of cheerful news, worth a look at the following graph on interest rate spreads 10year vs short term rates, keeping in mind that after 2011, base is the greater of the 2.
May or may not produce an even greater yield, with possible effects on scenarios described above.

http://www.rba.gov.au/ChartPack/interest_rates_australia.pdf

all ends in tears for us, if they dont sort themselves out of course, but a lot of money being bet in this recap, that they will.
I think high 50's reasonable price for them, look forward to the next couple of months, to see if market agrees.
cheers
hold eldpa