submission by costal, page-10

"The board is looking to act for the business , coastal in my view is simply an opportunistic troublemaker ."

Remember Nick Bolton of Brisconnect fame? Troublemakers can make serious coin. Coastal tried the trouble maker approach with Alinta and lost. Interestingly they were the ones that breached take over provisions on that ocasion and their voting rights were stripped. Its why they lost. So they have learnt from that and are trying to have PPX voting right stripped. But does it really matter when PPX have the ultimate vote on PXUPA matters?

You are correct that the board are doing what they think is in PPX interest. But they need to respect certain apects and conditions attached to the PXUPA in doing so. It might be easier to withdraw the offer and leave PXUPA for now. Address it later.

Cleaning up the capital structure is a requirement for a successful recapitalisation. But their is absolutely no benefit to PPX as a company, or its shareholdres, or the board, if the conversion is at face value. The dilution would erode all value, it would result in change of control and board loses its jobs. They will not let that happen.

They need to find the happy medium. 250-1 doesnt do it. But neither does $100.