which is true? ask at agm, page-12

Having attended the AGM last week, it's important to highlight the key issues at play:

1. the hybrid takeover offer: there is no doubt that if it were taken up, the SP of ordinaries will swing up. It will effectively wipe the balance sheet clean, and combined with profits in the business which are imminent, this will surely attract larger institutional investment.

2. PIGS: as I have said all along, the hybrid and ordinary shareholder goals are interdependent. There can be no improvement without a decent take-up by the hybrids, and a law suit will only make the road to recovery more difficult and costly. It would be unwise for PIGS to take action against PPX, especially since the damage was wrought not by the current board, but by the former one. It's a lose-lose situation for both holders. So Graham et al, try to think abut the interests of the company FIRST before your own.

2. Management: From the Chairman's address, it appears that they are really keen to get on with business and are in control. Kaye ran the meeting like a leader, and responded to questions very well. I am confident that with Price in Europe and Kaye taking charge down under, there is a chance of a huge coup and turnaround. Give them a chance to mend the wounds inflicted by the former Board.

Conclusion: Quietly confident.