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.
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