Did the same thing myself a while ago
Figured what ever happened was better to hold the PA
1) Actually get a distribution / dividend. Ords didn't pay last time and prob won't for 6-12 months min
2) Get the distribution at a much higher rate. Assume $4 per annum on a $30 unit. Much higher yield than the ords.
3) Potential if the conversion happens to get $100 worth of ords for less than $30. Nice return
4) If the companys starts getting in better shape may redeem early, if not I don't really care as the step up margin will kick in and based on my purchase price it will be a very very sweet earner
All of the above assumes the company renegotiates it's debt.
When it does I think both ords & PA should fly.
trade, page-2
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