"3. They can keep the TELYS3 trading and increase the interest...

"3. They can keep the TELYS3 trading and increase the interest rate margin by another 2.25%pa of the face value. This equates to 2.8% using the current SP as the denominator."

Option 3 is almost certain. He's on the lookout for some cheap assets. The stepped up rate isn't very high, especially when you consider that the cash will be used to buy media companies. Unless there is a way he can get the equivalent amount of cash cheaper, he'll just keep SEVPC around. I'd be thinking in terms of many years before repayment (if ever as these are effectively perpetual capital).