details on why i'm negative on ppx, page-16

Thanks Now I understand the point you are making. That is a different proposal to Graham's whereby PXUPA divs would not be paid for some time but which would compound.

As you say whether that would be a good deal for PPX sharehoders as well as PXUPA holders would depend on how long it is before PPX returns to normal levels of profitability and is able to pay dividends. I assume it would require the agreement of PXUPA holders.