These things are not for everybody and not touching them with a...

These things are not for everybody and not touching them with a 10 foot pole may well be sage advice.

I think the key question with AFGHA is whether AFG survives or not. If AFG survives these look like a screaming bargain. If AFG goes under they have an unknown value.

However, I think it is worth noting the following:

- AFG cannot pay anything to shareholders before noteholders
- the interest has to be paid unless it makes AFG insolvent or the Directors deem there is not enough cash (the second bit of that is more concerning). If that happens the interest is capitalised and payable at the next interest date
- if AFG is taken over, is de-listed or a receiver / administrator these have to be paid in full (or as much as is recoverable)