Very brave, Graham. My $46 purchase seems to be able to be had at $44 now. The market knows what these things are worth, though. The step-up/remarketing process could be interesting, if I hang around for it. I read somewhere (on a hybrid info piece- not necessarily related to PXUPA) that a choice in the process is to give 105% underlying ords. Whilst the ords price might be distressed now, that is still $105 worth of ords for the PXUPA price. It could also be the higher interest rate price, or perhaps PPX could buy the hybrids back.
Anyone have any guesses as to what could happen in the process?
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