hold tight, page-3

An article in the AFR on 24/6, about the debt market looking at listed public companies as their next target, a la an Alinta-like deal, and PPX was mentioned.

http://tools.afr.com/viewer.aspx?ATL://6016f5d2-9ada-11e0-a4ca-e87506850bee§ion=tools

I imagine this EOFY sell-off is enamouring the debt mob. A recapitalisation has been mentioned in the media re PPX in the not so distant past- I think it was that PPX (and HST) needed to recapitlise 1/3 of their market cap. The thing is, the lower the SP, the more it will be attractive as a takeover target due to the decent NTA (anyone up-0to-date and can provide a link for the newest NTA? Ta). That won't help current holders much, but it does present some kind of opportunity. We still have a few days of this FY to go, and the sell-off could be sustained. If a capital raising or a debt deal is in the offing, it would need to be done soonish, before ther SP disappears.

PXUPA is suffering, too. However, a recap should ensure PXUPA's have the distribution paid, or they'll get bought out, maybe, by the debt people. I'm prepared for GFC lows for the PXUPA's, if it gets to that. The more they fall, the closer they get to being cash neutral for the distributions.

Meanwhile, it's painful to watch PPX- hopefully, the rot will stop next FY, and action will happen.

Disc: PXUPA only.