Hardly dangling in perpetuity Jamwolf, only until , or if,...

Hardly dangling in perpetuity Jamwolf, only until , or if, dividends occur.
Hybrids have maintained , on the whole, their relative price ratio with the ords.
So, at present , a hybrid holder has about the same dollar value as if they changed to the ords via the offer.
And they still haven't given away the advantage of being 1st cab off the rank , if ,or when, dividends resume.
Depending on interest rates at the time, that equates to at least $7 before the ords get a sniff.

Imagine if you can a scenario where a profit is made , and is available for dividends.
Over $20mill , will need to go to the hybrids before any money available for ords dividends.
Ongoing , about $20m needed to maintain the hybrid payment.
PPX would need to be be distributing about >$40m per year in hybrid payments and divis to the ords , before a hybrid holder would be better off with 250 ppx ords.

So , no emotion or angst, just better off not changing, and this was especially so when 250 ppx ords weren't worth much more than the catchup payment on the divi stopper.

In saying that, management's only responsibility is to the ords, and their dealings with the hybrid holders should always be putting the ords 1st.
The 250 offer was worth a go, the board just miscalculated and thought there were a lot more people without calculators among the hybrid holders than there actually were.

cheers