> If it come to a vote on the hybrids NO div's for 20years...
> and vote to payout hybrids for only say $15.00 .. the vote
> would pass IMO.
Who do you imagine would be voting on this?
Some of the hybrid terms can be varied in the event of a successful re-marketing event, but I don't believe that the terms can be varied to payout the hybrids for some arbitrary figure less than $100. No re-marketing event was conducted in 2011, so the next is scheduled for 2016.
If hybrid distributions are cancelled for 20 years, then ordinary shareholders will not receive dividends for this same period. I don't believe that would be acceptable to most ordinary shareholders.
it's elders time, page-68
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