a share swap?, page-3

The ASX release talks about a "scrip based merger" of the two classes of security, which sounds to me like all or nothing, as opposed to an arrangement under which PPX would make an offer to some only of the PXUPA holders.

I have to disclose that as a PXUPA holder, the 40% figure in the AFR is not very attractive at all, and I would be very surprised to see it get legs, what with a US hedge fund (Coastal) at 13%-odd, and the PIGS etc.