250:1 is dead in the water, page-17

I read that as referring to the hard costs (Moelis, Baker & KcKenzie etc etc). I don't see that a scrip-based offer would itself incur dollar costs other than those thid party outlays as all PPX would be doing is issuing new PPX shares at no dollar cost to PPX.

Incidentally, does anyone want a hazard a guess about whether there is any prospect whatsoever that the PXUPA trustee's target statement will do anything other than limply endorse the PPX offer? It would be brave (and refreshing) to see the PXUPA trustee act independently and impartially notwithstanding that it is paid by PPX!