Preference Shares (SCFHA) - Hold, Sell, or Accumulate?
With the prefs down to 24c or thereabouts, is it best to stay in there do you think?
Whilst the pref share holders have been hit hard (if they bought at $1 par), the past is the past, and getting out today means giving up a current yield of more than 25% pa - that seems pretty good to me!
The replacement of the $100m facility with a new $75m one (plus liquidation of some forex hedges relating to the $100m) seems like a bit of a non-story to me - it just removes the uncertainty around the $100m I suppose.
What would you do? Stay in the prefs, sell out, or even increase holdings at 25% yield?
Thanks,
Alan.