Ann: Requisition from Shareholders , page-6

You are right asf. Its purely speculation on my part. But what do we know? The current board has failed and the current board is entertaining a low-ball private equity takeover.

So if you have control of 5% of PPX and support the takeover then you wouldn't bother with a board reshuffle. You would just make your position clear so the company knows they have you vote in the bag. It might help get a deal over the line.

If you are against the PE take over or think the board are failing and you actually want it to survive, then you take this action imo.

My main point being that some don't recognise the strategic benefit of holding both. If I had a large PXU holding, then I would buy some PPX as protection. Not a large blocking stake but enough to have input. Especially at these sp levels.

Their is always a chance that this action is from a dual holder and looking after the interests of both PPX/PXU.

But the most logical conclusion is its a PPX holder looking after PPX holders interests. Thats a good thing imo. No PPX holder want anything other than to trade out of this mess. Not sure if PXU holders want that.