price slide, page-114

I think the point of the meeting was to justify to concerned PXU holders how the tust valued the units at $34. Because this is key to accepting ANY offer.

If you THINK you are eligible for $100(in the future), you will NOT accept $21 now.

If the trust can show you that after writedowns/ impairments/ debt, that NTA has fallen and they values the trust at $34 then as a holder you know that administration equals $34. But they needed to prove this with 'independent' advice.

Now instead of comparing $21 to $100, you are comparing $21 with $34. One is straight forward scheme. The other is drawn out administration.

Now the trust 'go in to bat' for you. The PE offer gets revised up to $30. It looks like a win and you accept the offer and your greatful to the trust for doing their bit.

Then the PE company pumps cash into the business. Splits it up. Floats the parts and returns way more than $34 to themselves and you realise you've been had...but its too late. Thats my take anyway.