pxupas have a problem which is solveable, page-10

Yes. I have no doubt SPS Trust have already made the decision on whether to accept the requisition. But they will announce it on last day. Bit like EOY financials. Company gets a large window to release report yet how many choose to releae on the final day? Some even a day late.

In this case its also about statergy. Buying time could be in their best interest and/or PPX best interest. Though I wont comment on their 'independence'.

If the RE wants to protect their future as RE, then they will likely drag it out. Possibly find a technicality and declare it invalid. And buy a few months.

But, I really think it is a standoff even when resolutions are put to holders. Special resolutions requiring 75% are not easy in most cases. Most holders simply wont vote. Others will make RE their proxy. Their will be friendlies.

I suspect RE has enough votes secured to block anything untowards, but conversely, I supsect your group has enough to block anything that RE proposes. A bit of a stalemate. But at least you can hold them accountable when it comes to them dealing with PPX on our behalf for a discounted conversion.

With PXUPA trading so cheaply, and a bit of a run up over the last month. I see it as someone securing votes. I think both parties have the 25% blocking stake.

It might be easier to effect change at the PPX level. More disgruntled shareholders that might side with vertain proposed changes.

But at the PXUPA level, it is hard to criticise them. They can't do anything about market value or the lack of distributions. They are merely fullfilling the terms of the original PDS and constitution. Until now their hasn't been a conversion event. The only thing you can fault is possible conflict of interest.

But what have they done that is conflicting other than agree to negotiate conversion. It's only a negotiation and aimed at realising maximum value for holders. They can only negotiate, then recommend a YES/NO vote. The rest is in our hands.

I still think PXUPA will trend higher as a possible resolution approaches. Good medium term punt imo.