Where has the board expressed that intention?
In the last teleconference they made it very clear that the board would apply their discretion each coupon period.
This is a credit market play. If you think the credit markets recover this is a good play. If no this is a bad play as it will be very easy for a board to not apply their discretion "these are abnormal times......". Remember not applying a DISCRETION (which the ASIC has nothing to do with) is very different and alot easier than defaulting on debt.
As i've said this isnt a problem you just need to be very mindful of this risk - you have to mark these securities down heavily. Is it twice as easy? Is it 3 times as easy?
MXG
multiplex group
