sevpc, page-44

In a nutshell the only practical difference between TELYS3 and 4 as far as holders are concerned is that of liquidity. They are both now effectively perpetual and I doubt very much whether they will ever get redeemed. If anything the TELYS4 will get redeemed first because the 4's divi's are not tax deductible to SHG as will be the 3's.

Do not dream of redemption, it is not a realistic possiblity for a long time. SHG will not 'accidentally' slip up and allow forced redemption by holders. Credit markets and the balance sheet of SHG would have to change significantly before TELYS4 get redeemed for $100 face value.

IMO a number of people have finally come to this realisation in conjunction with some margin calls. That is my explanation for the heavy selling of recent week after so much time to get out at higher prices has ellapsed. Good value at these levels for income chasing investors with security of a virtually zero geared company behind them. Holders have of course been screwed out of the chance to exit at $100 as per 'intent' behind their issue in the first place but that is part and parcel of the KS greed factor I'm afraid.

goodluck