proposal, page-13

GrahamCC,

"This isn't a JOKE BLOG"...

Thank you for letting me know...

although I can assure you I was not "kidding" with my last post. It's because 'to wait to have things turned around next year as Eurozone situation stabilises' in preference to accepting a low-ball opportunistic offer now (if it eventuates) has to be one of the options the Board must consider along with the other two I mentioned in my post (and possibly others).

Those who have been long-term stuck-holders of PPX and PXUPA, as I am, have to consider all rational scenarios that could help minimise loss in the positions we hold if not make any capital gains. And while I have not been impressed with the succesive Board & Senior Management's competence or candidness in regard to the company's turnaround, I do see that the current situation of the company is not entirely management's fault as there have been unusual and unpredictable global economic forces at play over the last few years.

I feel this company can have a future, and the Eurozone economic situation is likely to improve next year even if it looks unlikely at present (as did USA's current signs of recovery only about 2-3 months ago), but I don't see how relentless knocking down of everything about the company is going to help one's position in either PPX or PXUPA because we cannot rule out some promise of future for the company under some of the scenarios (otherwise we might as well sell all securities we hold at whatever price we can get).

The key indicator for me in the FY12 1st half's result would be whether or not the company is still continuing to have positive cash flow depite indicative statutory loss, and the nature of this cash flow, as well as what items the statutory loss is contributed by. It's possible, as you say, that management could be trading the company insolvant, but if they are I cannot see thay would be doing this knowingly, as no management would want to risk legal consequences by deliberating doing so. The chances are the company is trading solvant.

I note that you are not a holder of PPX and have a 'sell' sentiment on it, but you hold PXUPA with a 'buy' sentiment, yet if you hold no hope for the company turnaround I cannot see how PXUPA would end up keeping much value for you... so, are you kidding in declaring opposing sentiments for the two classes of securities of this company that you see under such dark clouds and with little future?