pxupa 8 days to convert , page-2

Firsova

If the hybrids are junk bonds what does that makes the shares???

The hybrids don't want the company to collapse - everyone loses under that. Hybrid investors just recognise there is far more upside in their security than the ordinary shares.

I have no doubt that the Board thought that a 250:1 offer was fair value. Unfortunately, basically no one outside the company, or any rational investor for that matter, thought the same.