price slide, page-83

I agree their is definately no urgency for PPX to deal with PXU and PXU have very little recourse. But it would make sense for PPX to attempt to buy them back or some other form of redemption to lock in the huge difference between market price and face value.

None of their business components could come close to the return of investing $20 to cancel $100 of debt. Its a no brainer that PPX should be contemplating ways to lock in this huge discount to benefit PPX.

I think they may be restricted from on market buyback whilst not paying dividends, so they are probably very limited in how they go about it.

And obviously nobody would accept $20. So they need to offer more. But their would be an in between point that benefits PPX by reducing a liability and benefits PXU holders by unlocking some value. This would flow through to PPX bottom line, NTA and sp.

But like I said, their is a benefit of having atleast some PXU in play. It makes the cost of a take over much higher. That discourages take overs.

Its one of the more interesting hybrids. The perpetual nature is a negative as is the lack of accumulative dividends.