price slide, page-140

Thanks Austted.

Have revised the potential outcomes to:

1) PPX recovers and wants to pay divis to PPX holders. PXU get paid before PPXs, but both get paid.

2) PPX gets taken over, so PXU get paid (cash or conversion), and PPX get paid but only if PPX has significantly turned around - otherwise say 3c on a worst case scenario.

3) winding up event - PXU get paid (whatever is left, likely much less than $100, with $0 worst case) before PPX's get paid (likely $0), or


Re SP recovery, disagree re relevancy, but agree there must be complely new management following any takeover for any chance of SP recovery.

Agree that many have bought in recently in both PPX and PXU and this unfortunately has the potential for yet another division amongst holders within PPX and PXU but primarily PPX holders I expect. NOTE: This battle has not yet ocurred from what I can ascertain.

Unfortunately IMHO profit takers on price rises in both PPX and PXU will make any SP recovery protracted unless PPX puts out a stunning result!

SUMMARY

I am not suggesting PPX holders should capitulate, but if the results don't improve, then PPX holders need to carefully assess their alternatives as IMHO if no buyer, a winding up is the eventual outcome (3 above), and PPX's will likely get $0. In the meantime PXU value will have been lost - and this is the crux of the current angst with PXU holders as they see this occurring.

Naturally, if PPX turns around then the world becomes a nicer place for all.

ALTERNATIVE APPROACH

In the meantime, if PPX holders rallied to promote reinstituting distribution payments to PXU holders, I reckon that PXU holders would endorse a far higher payout to PPX holders if a takeover bid was made because if distributions were reintroduced and PPX was comitted to continuing payments then PXU price would rise plus PXU's also getting distribution payments.

In recognition PXU holders should add at least another 4c per PPX (for each year that passes) to any takeover payout. The 4c roughly equals the PXU distribution and would provide a very healthy return for PPX holders that have bought in since June 2011, and a better outcome for all others versus what they would have received.

Also would help derisk outcome 2) for PPX holders as would improve price received by PPX holders.

NOTE: It is only in takeover mode that PXU's have any real say, and this may be a way to gain PXU support to maximise return to PPX holders.

To me it provides a focus on how we can all work together to maximise returns for both PXU and PPX rather than the current adversarial situation between PPX and PXU which has arisen after the PXU distributions stopped.

Does this approach make sense to anyone else?