Orbis want management to stop payments to hybrids and buyback...

Orbis want management to stop payments to hybrids and buyback instead:

http://www.reuters.com/article/2011/08/28/digest-australia-business-idUSL4E7JS0DN20110828

Possibly they wish they were in the hybrids rather than ordinaries as current situation amounts to a partial liquidation of the company with the benefits going to PXUPA holders. Possibly they are restricted by their mandate or they see more leverage in the ordinaries if the company can increase it margins. PXUPA is a more complex security as well