Umm, no that's not what I am saying at all. I agree that if it were, it would be nonsense.
The point I am making is that the RE's "valuation" exercise has no bearing on what the PXUPA holders would accept in a reconstruction. The reason I put "valuation" in inverted commas is that it is not a valuation at all; it simply cuts and pastes the trading price on 30.6. Any monkey could do that.
The PXUPA holders are not bound by any assessment/valuation/recommendation of the RE.
The consideration which the PXUPA holders would accept is a matter for negotiation between PPX and PXUPA holders.
It is not for the RE to determine.
The "valuation" by the RE is not any indication as to what the PXUPA holders would accept in order to forfeit their seniority in the equity structure
That is what I am saying.
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