where have all the buyers gone?, page-7

If I recall correctly any takeover would require a redemption of PXUPAs.

Re buyback. I'm not familiar with board protocols but presume PPX would have to do something formally rather than on market?

They could offer to redeem at lower than $100 but would suffer a credibility issue but they could offer via a formal announcement to buy back at say $75 for those that want to.

Depending on the takeup they may then run in to an issue of having less than $50 million on issue which I think then triggers an automatic buy back at $100 (from memory?)

So perhaps the best situation is a takeover or we just sit and wait till July 2012 and see what happens.