It's a big call to say the Hybrids would be completely out of...

It's a big call to say the Hybrids would be completely out of the way. A bigger offer would not necessarily mean 90 - 100% take-up.

There are always going to be holders of the hybrids who won't settle for anything less than full face value.

While I understand the situation is a complete nuisance, its not in the equity holders interests to get their interests diluted much more, especially after such a long sustained period of terrible share price performance.

I think the board has decided to 'chip away' at the holders over time and not just in one big hit. I understand the philosophy behind this, as the unique scenario detracts private equity from swooping in.

It's complicated that's for sure, and it will likely take a creative solution to clear things up - either that or a large Paperlinx profit!