what’s the difference between 800 & 1972?, page-39

Jamwolf

>Will shareholders of either class actually support a capital raisimg ?

At the moment, probably not. But once it is clear they have turned PPX around I reckon a CR is possible.

>unless the banks were prepared to take a haircut in the process (which they wont).

Agreed

>Seems to me the best way to clean up this mess is for Price to find a buyer for the whole of PPX and PXUPA.

If you are an optimist and believe PPX can be turned around why sell out now? The only reason I can think of is doing that would be that you believe the company cannot be saved without a CR and there is an interested party in the wings. If that is really the case I would prefer an underwritten rights issue where the interested party gets a fair slug of PPX from those not prepared to hang in but those prepared to stay can commit more cash. It could be combined with offers to both PPX and PXUPA holders wanting to cash out. In such a case a swap would make sense.