I can't blame management for looking after the interests of...

I can't blame management for looking after the interests of common shareholders. That said, I believe that the treatment of hybrid shareholders has been fair. Certainly, I have seen worse - Paperlinx, anyone?

The injection of $100MM in fresh capital strengthens the position of hybrid shareholders. The $95 offer to hybrid shareholders appears to be well supported and I hope that the take up is substantial.

Personally, I don't plan to sell into the on-market buy back. In order to restart dividend payments for common shareholders for FY17, Elders will either need to redeem any remaining hybrids or pay 12 months of trailing distributions at 9%+ (inclusive of franking credits) to remaining hybrid shareholders. Where else could I get that return over the next 12 months?

Of course, the key assumption in electing to continue to hold is that the turnaround will remain intact. The 16H1 results were good, but not great and I can understand why some folk might prefer to take $95 cash in hand.

ELDPA only.