details on why i'm negative on ppx, page-12

boomeronrations

>The board's responsibility is ultimately to the ords holders.If suspension of both divis is to the benefit of ppx holders, hard to see how they could justify not doing it.

Agreed

However Graham's proposal to accumulate unpaid divs to PXUPA holders, when not required to, does dilute the interests of ordinary PPX holders. It could be argued this action might make it easier to raise further such capital. However this is, in my opinion is outweighed by the long term dilution effect this would have on PPX shareholders given current circumstances. If things improve somewhat PPX might do better doing a buyback of PXPUA notes thus heling their holders by raising the price somewhat while reducing the long term debt obligations on PPX. Believe others have suggested that here so I cannot take credit for it.

In the meanwhile we are all best served best by PPX management focussing on turning the company around rather than be sidetracked.