wait till next week, page-18

MJS,
The clauses you have quoted are accurate.

But these hybrids are tricky little devils.Quite fond of them, and love reading the pds's[can I hear someone saying "get a life"? Probably a fair comment.].

They are not actually ppx equity, or even an investment in ppx.

They are an investment in an investment vehicle, which has subscribed to ppx preference shares.

But equity or not, the terms can be changed by a vote.
So offer could go like this,
"As we are up to date at the moment, we would like you to change the terms,so that we can make you an offer to buy these back at $40.
Keep in mind, when you are deciding on your vote, we plan to suspend divis for ages and ages.
Have a nice day"

Agree that they are good value, but shocked they are still paying out.

cheers

Hold pxupa's only[well underwater by the way]