hybrid still going down, page-3

Socrates99

Don't let market prices be your guide. Eg Buffet has done OK on this basis.

Agree management only interested in Ords. But to reinvent PPX they will need to deal with the PXUPAs at some time. 100 PPX/PXUPA is lunch money for major PXUPA holders and would get rejected out of hand as others have posted.

Also if there was a wind up then as PXUPAs in front of PPX ords then we would (hopefully) at least get the $7 ie 100 PPX equivalent anyway and this is why I hold the hybrids and not the Ords.

Further, current residual (wind up) value may be around $60 + 100 PPX/PXUPA or more.

Have you considered Moelis may be appointed to look at how to deal with hybrids in terms of PPX's (IMHO required?) reinvention. Indeed if PXUPAs taken out at a big haircut then this would benefit PPX holders.

PXUPA only ATM