takeover at these prices just not on, page-32

Jossette I believe what the others are saying is correct only so far that the distributions are in arrears. The clause they refer to is that they would in effect in so far as the particular hybrid they are purchasing be buying back a security of equal ranking to other ELDPA holders. However once they are up to date with 12 months of distributions then logically they could purchase in market. bankers however are presently in control but I dont think all funds are swept - I think you will find asset sales would be but I highly doubt that the ATO refund and interest issues would have been part of the ring-fenced assets: The relevant hybrid clause is set out below:

3.1 Dividend and distribution restriction
Subject to clause 3.2, where a Distribution has not been paid in full within 20 Banking Days of the Distribution Payment Date, the Issuer must not pay any interest, declare or pay any dividends or distribution from the income or capital of the Issuer, return any capital or undertake any buy-backs, redemptions or repurchases in relation to any Equal or JuniorRanking Securities unless and until:
(a) the Issuer has paid to Holders a Distribution (Optional Distribution) of not less than the unpaid amount (if any)
of the Distribution Amounts for the Distribution Payment Dates which occurred in the 12 months prior to the date
of the Optional Distribution; or
(b) the Issuer has subsequently paid the Distribution for each Distribution Date occurring in a 12-month period; or
(c) a Special Resolution authorising the payment, dividend, distribution, capital return, buy-back, redemption or
repurchase is approved; or
(d) no Hybrids remain on issue.