Interestingly, there are two articles in the AFR, written yesterday and the day before, on the hybrids. Gaby, one of the SUX people, is meeting with the Trust tomorrow, and is going to ask about the write-down of PXUPA's from $100 to $34. That article is here if you're a member of would like to take a free trial:
http://tools.afr.com/viewer.aspx?ATL://594c49dc-3ff3-11e1-9917-787c76e79960§ion=tools
Another article in the AFR on the weekend was about private equity and takeovers. The article had a PE bigwig (can't find the article now), saying that PE must not tyre-kick or make offers they don't intend to follow through, or they will be mud in PE circles. I couldn't help but think about PPX when reading the article. If there is such a strong ethos in PE circles, then perhaps the PPX bid will happen after all. Given that PPX said there was a bid publicly, then it means it has some merit (private discussions/queries would not have been disclosed). It seems that PE also knows about potential covenant breach, as it was mentioned in the same ANN.
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