GPT 2.53% $4.05 gpt group

prospectus and pds - exchangeable securities..

  1. 631 Posts.
    Dang me but they look nicer than the shares themselves unless Im misreading...

    $100,000 per ETS - 2500 on offer.
    Price will be $1.25 or - to my reading - the price on the day of exchange - which is up to the holder - e.g. if sp is $1 then it exchanges for 100,000 shares, if $2, then it exchanges for 50,000 shares etc.

    Meanwhile, whilst not exchanged, the holder receives interest payments of 10% p.a. paid 2x / year.

    There seems to be fees associated with the ETS - being 2% the first year and about 1% p.a. thereafter - unclear on the fees.

    GPT can at their discretion hold back on interest payments...

    Still - Im thinking they look a bit better than shares - and also seem to rank higher than shares in case of "disaster"...

    Anyone had a look?
    ...and is it even open to retail public?

 
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