interesting, page-15

"To me, Coastal at 19% can only be good for PXU holders as their track record eg Alinta and Billabong, would deem they are neither the "buy and hold" type or in it for a 10% return."

I think they like board seats. So their would be a chance the want the 250-1 offer. Then effect change from within PPX.

To effect change from PXU is difficult. The last EGM demonstrates how hard.

So they either want to use the 19% to pressure for a better offer. Lets be honest $20 is huge for Coastal and their low average.

Or they will go above 19.9% and they will make an offer better than PPX offer. But they arent a white knight. Again I'd be thinking offer around $20.

Or they convert and demand a board seat which they will get. Or convert and sell which is the smallest return on investment and they dont earn salaries.

From the EGM, with only 100,000 votes cast. And Coastal at the time holding 13%. You can only assume Coastal didnt vote for the changes. They might not be our friends. Time will tell.

Look at something like BCC. They had a few shareholder do the EGM route, and got the backing of the major shareholder Meridian. Look what has since transpired. Meridian now succeeded in a heavily discounted rights issue that will see them increase their stake substantially. All because wheeling and dealing got them a board seat.

Quite often it's the devil you know is better than the devil you dont.