sevpc, page-46

I'm voting YES and will take up TELSYS4 on these grounds:

(1) I'm still comfortable with the security aspect...not as good as it was, but still acceptable given that we rank before His Lordship, the Stokster!

(2) It's a pretty good yield @ 4.75% above 180BBSW.

(3) The combined businesses have good abilities to earn free cash making the half yearly payments a reasonably good bet.

However, I did consider selling down SEVPC and taking up more of AAZPB and MXUPA which I rate as equal to or better than SEVPC now.