dargie - agree with you 100%.
the problem here is NOT the existence of the hybrids.
It is the balance between Hybrids and equity.
a hybrid layer of $750 million is just too big for a new equity investor to have any confidence in.
You can have a convertible of up to about 15% of equity in ordinary circumstances, anything more is inviting big big trouble.
There is no ambiguity about this.