bargain, or not, page-12

bluefurmonkey

Not sure how u got the $57?

PXU conversion is based on (if I recall correctly) something like 20 days PPX ave prior to conversion. So if allow 15c then PXU converts at $285 mill face value to approx 1.9 billion PPX

Anyway, agree 15c and $57 would probably be needed to make this work.

Another option is rather than providing an all cash offer, if it makes it easier then I for one would be prepared to accept a lower cash amount plus some equity in the takeover coy.

This may require the t/over coy to provide say an 18c and $70 equivalent offer but say only 50% in cash, the balance in shrs.

So a coy may only have to part with 9c cash (~ $54 mill) for PPX and $35 cash (~ $85mill) for PXU ie ~ $140 mill total. The balance would be in shares which cost them nothing.

Their existing holders should be OK with this too as the incorporation of PPX will provide extra $ benefits to them post rationalisation.

NOTE: If Toby can cut out his intended $61 mill then expect someone else should easily be able to cut out $140 mill if integrating PPX in to their business by removing duplicated functions eg Toby and Board gone, head office and sales functions rationalised etc.

Can't understand why this has not been forcibly pursued in the interest of shareholders?

But perhaps I answered that earlier when I mentionned "Toby and Board gone" :)