Hybrid down to $6.90. Looks like the hybrid holders are...

Hybrid down to $6.90. Looks like the hybrid holders are beginning to get the message that an offer might be pitched around the 100 ppx level, there seems to be a coagulation of input around this sort of number. I can only see the hybrid taking all the pain, all the cards are starting to look stacked against the hybrid. There will certainly be no buying momentum for the hybrid following the Moelis appointment, and bearing in mind that the interests of the new management team are in the ords. I can only see the hybrids as a sell, and what we are seeing now (upticks in ords alongside downticks on hybrids) is the way things are going to go, IMHO.