a share swap?, page-6

With all the talk around about a potential scrip offer , and the AFR quoting 40% share swap as a note holder and a shareholder I think that the trustee has an obligation to disclose their current value of the notes

The last update on this was December 2012 and a lot has changed since then so you would assume the note value would have fallen in their calculations 15-20% .

One factor that swings the 100 for 1 equation in the PPX favor is of course the price the notes actually trade at , $7.00 to $9.00 over the last few weeks , and my thinking with the PPX cap on that a 100 for 1 offer is understandable as the shares have traded in that range .

With my PXUPA cap on I think the trustee value is the key number , and that value in PPX shares should be the upside PXUPA holders should hang out for

As the trustee has an obligation to note holders and not to PPX that number will have a premium in it

I think the trustee if it is looking to act in the note holders interest should come up with a number and then look to de list the hybrids to protect the ratio for the negotiation period .