Dang me but they look nicer than the shares themselves unless Im misreading...
$100,000 per ETS - 2500 on offer. Price will be $1.25 or - to my reading - the price on the day of exchange - which is up to the holder - e.g. if sp is $1 then it exchanges for 100,000 shares, if $2, then it exchanges for 50,000 shares etc.
Meanwhile, whilst not exchanged, the holder receives interest payments of 10% p.a. paid 2x / year.
There seems to be fees associated with the ETS - being 2% the first year and about 1% p.a. thereafter - unclear on the fees.
GPT can at their discretion hold back on interest payments...
Still - Im thinking they look a bit better than shares - and also seem to rank higher than shares in case of "disaster"...
Anyone had a look? ...and is it even open to retail public?
GPT Price at posting:
79.9¢ Sentiment: None Disclosure: Held
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