price slide, page-161

asf

Simon Mawhinney is totally conflicted with Orbis as his employer.

Would like definitions of short, medium and long term to get the comments in context.

Orbis say PPX should continue as a going concern but sell off some poor assets eg Europe business.

Also say balance sheet is not strong enough to pay PXU holders.

Wow...if $20 mill makes that much differnce PPX holders need to be seriously concerned and expect Europe to go for a fire sale.

Seems like Orbis do not want a change of control event - but selling off Europe makes PPX a smaller and potentially better takeover target.

Further, Orbis only have 18% of the vote, so if others do to sell then Orbis can say whatever they want.

With their credibility already shot,both from their failed investment and position on the board (as this has occurred ion their watch), seems like Orbis are becoming increasingly desperate.

So where to from here?

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 (change of control event), 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),