a share swap?, page-10

Blues, thanks for the clarification.

I am puzzled by this talk of a script (or even cash) offer for PXUPAs at present. I understand the company is expected to be profitable by the end of FY13/14 so should be able to survive without a capital raising. Given the reported attitude of Coastal and the views of PIGS any deal based on current market prices would be a dead duck. To do one on a basis likely to be attractive to those parties would likely give control to PXUPA holders and therefore likely to be unacceptable to the current Board and its supporters.

On your advice the Trustee and its valuation seem largely irrelevant. Its the value that the influential PXUPA holders see which is relevant from the PXUPA side.

It would seem to me that unless I am wrong and only an imminent capital raising will save PPX that we all should sit tight for at least a few years until PPX is clearly profitable and can start paying divs. I suppose PPX could buy PXUPAs on market when they feel their financial position is strong enough.