price slide, page-76

Todays update seems positive. They acknowledge PXU holders aren't happy and are looking into solutions.

You would never get your offer accepted but perhaps it could be open ended. Even crossing a few PXU of the register is better than nothing.

If you wanted an offer that might get mainstream acceptance, I would consider a cash + script offer. Eg $20 + 100PPX shares. That would remove $100 of liabilities and minimal dilution. Wouldnt hurt NTA. Again I think you need to offer(not force) and not rely on 50% (or 75%) vote. Just an open offer or limit it to the first $20mil etc.

But in some ways you need to be careful not to outsmart yourself. PXU are a major obsticle in preventing a hostile T/O. Remove the hurdle and you may get a low ball offer or worse get forced into selling.

Because the PXU aren't actually costing you anything. So getting rid of them doesn't automatically make PPX profitable, ie no interest savings. Keep making losses you will breach covenants. Then banks sell out from under you.

The only thing getting rid of some or all of the PXU might do, is boost the sp slightly. If you got above 10c then maybe you could cap raise and pay down debt. Reduce interest. Become profitable.

A partial buyback would just prop the PXU price. It would rise to the offer price in theory. But some would still accept. You could always buy on market, accept, then buy more. It would also improve chances of outstanding PXU being paid in full...eventually.