trust company valuation, page-13

Interesting point re negotiations via the RE.

I suppose the same issues arise though: the inclination of PXUPA holders to vote in favour of a proposal negotiated between the RE and PPX will depend on the acceptability of the commercial terms of the proposal. In the end, it comes down to the same issue: is the price offered (scrip, cash or a combination) acceptable to the PXUPA holders?

A lowball proposal at around current trading levels would more or less be quashed by Coastal and the PIGS committee holdings alone, not to mention the other holders.