new lows, page-15

I agree with others that buyback appears a no go regardless of on/off market. The terms of the trust on deffered interest seem to prevent it. Make the interest payment and you can then buy them back.

Redemption is where PXU sux. All the power lays with PPX. PXU holders cant force redemption and it's for eternity (perptual). But they gain certain powers by the fact they can force conversion under a change of control event, ie take over.

Even the interest isn't accumulating, so their really is NO reason to pay them interest and NO firm date to eventually get $100 face value. So it's not worth the paper it's writen on.

My solution addresses these major short comings and puts power back to the holder. You WILL get your interest. You WILL get redeemed.

I think many would vote in favour imo. Maybe the ratio needs more consideration, but not the concept. And bare in mind a decent haircut needs to happen to also benefit PPX. Everyone needs to appear to "win".

Converting in 2.5x ratio is just a fancy way of saying, let's reduce the face value to $40. But I'm restructuring them to remain consistent with other market hybrids that all retain $100 face value.

Post restructure the interest would be up to date and the buyback clause wouldn't be applicable. So PPX could even use free funds to repurchase the hybrids before the 3years are up. This adds further value.

PXU are definately worth a punt around these levels. They are a thorn in any TO attempt and will eventually be compensated for that.