profit discussion, page-10

I have no idea just what % of PXUPA the PIGS committee own in their own right , I note one of the committee disclosed as a top 20 holder, but the rest of them it is unknown .

For sake of disclosure I hope the committee states their exact holdings for scrutiny at the next meeting , after all the board does this , and are open to the PIGS criticism of not holding enough equity in the game

My suspicion is that PIGS represent around 15% of the notes , but hold less than 5% and have no interest in a share swap below 500 for 1 .

If that suspicion is the case , and PPX do make a market offer of where the stock has been for the last 12 months ( 100 -150 for 1) then this will be rejected by PIGS but probably acceptable to around 25% -40% of Note holders .

The unknown factor is on rejection of an offer , will the PPX board then go back to the Boon days and disengage completely from the note holders leaving us with a zero coupon long dated bond , and if some note holders wish to accept the offer and others dont will we have a choice to be able to do so ? .

PXUPA and PPX