Personally I think Seven Group's process for winding up the SVWPA securities has been very confusing and poorly designed. Why could they not follow the TELYS4 prospectus and give unit holders the option of redeeming at $100 per unit or convert to shares on the original terms.
Instead SVWPA holders have been left to try and comprehend the complex terms offered and in their confusion possibly did not time their sales optimally and ended up selling out to arbitrageurs and speculators for far less than the final value. Those who did sell have been left holding volatile shares that may not meet their investment objectives.
Seven's management will have lost credibility with debt/hybrid investors for very little, if any, gain for the company.
Personally I think Seven Group's process for winding up the...
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