W, all of which means that to be in hybrids, you have to be satisfied with the underlying company because pounds to peanuts they are going to convert in the new financial climate.
So, to buy the hybrids you've got to be satisfied to hold after the event and possibly for a lengthy period to allow the market to absorb the dilutionary impacts.
In addition to TIM, I would be concerned with GNS as they won't get the pulp mill off the ground and will be forced to write off the $89m in costs to date.
Plus, you've really got to question the strength of the property developers going forward as they will have massive red ink as a consequence of property value write offs.
How about you come up with your list of the five strongest underlying companies offering hybrids and I'll do likewise. Hope NeilN picks this up too.
TIM Price at posting:
49.0¢ Sentiment: None Disclosure: Not Held
