which is true? ask at agm, page-4

Firsova - Remember that it's the company so well supported at the AGM - and no one else - who has chosen to make the offer at this time. If we are at or near the bottom of the company's fortunes, then the greatest percentage ownership the hybrids will ever have of the company SHOULD be now.

Instead of looking at valuations based on relative market pricing ("Mr. Market") how about doing some proper valuations? Do some very rough projections as to when you think the company could be in a position to pay distributions on the hybrids (whether they get there through a slow grind or raise further equity regardless of dilution of the ords) then you'll find that the discounted NPV is still a multiple of the current offer.

PIGS and crew and other holders aren't stupid.