I am new to this code and would like to know if my understanding...

I am new to this code and would like to know if my understanding of the BECG notes is correct.

BECG
1) They pay 4.25% on the face value of 65c, twice a year, unfranked, which should be a constant 2.76c. However, for some strange reason the distributions jump around 3.1c (3.1c 31/12/08, 3.11c 31/12/07, 3.07c 30/06/08) Can anyone explain this?

2) They convert to 65c worth of BEC securities on 30 June 2010 at the going rate for BEC whatever it is then.

3) The notes are reasonably safe. I've been hanging round property trust shares for a few months now and it seems that most are in the same boat. BEC seems to be relatively small and 'manageable' and is focussed in Australia, so at least we know what the market holds. Even though I expect the Oz economy to tank for the next year or two, good properties will still produce good rent returns and mostly hold their value.

I'd appreciate some viewpoints on the items I've mentioned.