Roastman,
Why would you buy the ordinary shares when the preference notes would seem to offer better value.
Yield on the notes is 90?day bank bill rate plus 1.9%, of the face value (of $100)
GMG, yield = 4.8%
GMPPA yield = about 9.1%
plus the preference notes have priority over the ords for dividends and in case of windup.
and the preference notes have upside. Remarketing date is March 2013. The notes must either be redeemed at full face value or the interest is stepped up (+1%)
discl: hold gmppa
what a beauty , page-4
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