fair value of the hybrids $14.50, page-3

I agree scara

The liquidation value is more likely to be zero ater all the costs of closng down such a huge business and re paying the banks , best chance is either let the hybrids hang out to 2021 without dividend or come o an agrrement on a fair share /cash swap

Problem is PPX dont have the cash and their share price has fallen far more to the 10c they are trading at than the hybrids have since they were issued .