pigs, page-18

Hi Iona,
I think both ords and hybrid holders need to take note again of the post from xavier,
Things such as the nta only become relevant to the hybrid holders if they are converted, or the company is wound up.
There is no compulsion , or need , for the company to take either action, until it recovers, or it exhausts all of the buffer inherent in the hybrids existence.
In reality, the real worth of the ords is zero.
But if the hybrids are to achieve any value, they will have to make it worthwhile in some way , to change the above situation.
In the same way, in a takeover [by a scheme], the ords will need to give enough to the hybrids to get any vote up.

So unless a takeover gets up, or the board betrays the ords, cant see the hybrids getting much in the short term.
Only reason for the me to knock back a scheme, would seem to be, if I think ppx will become profitable again, or the offer is so low, that i'm irritated enough to take the loss.

I doubt it will recover, but not sure enough of the various outcomes to exit just yet.


"pigs" , may be a useful card, when the poker game I'm hoping for, starts.

cheers




hold pxu only