price slide, page-138

Agree that 4) should be added.

So the alternatives become:

1) PPX recovers and wants to pay divis to PPX holders so PXU get paid before PPXs,

2) PPX gets taken over, so PXU get paid (cash or conversion), or

3) winding up event - so PXU get paid (whatever is left, likely much less than $100)before PPX's (like $0), or

4) Both PXU and PPX won't get paid.


Also agree that alternative 4) is what PXU holders are attempting to avoid.

Even if PPX starts to turn around, the "much unloved" tag on PPX will take a long time to go. I also expect instos won't show any support forPPX as they have long memories and no love (even wrath) for companies where they have incurred heavy losses. An example is PIH after the BBI/BEPPA redemption, consolidation and reissue.

The way I look at it is if PXU holders can work with PPX holders to maximise a reasonable payout eg 9c to PPX holders (with say $40 to $60 to PXUs) then this would be a good outcome for PPX holders as all other scenarios (except a PPX recovery) provides $0 or minimal (say 3c) per PPX.

I recognise many PPX holders already have(potentially huge) losses and so have minimal left to lose.

However I hope PPX holders do not try to hold on too long waiting for any turn around, because the longer it goes, they are destroying any $ returns to PXU's which will only "force" PXUs to attempt to regain these lost $$'s by "requiring" a lower payment to PPXs.

If there are no signs of a turn around very soon, then believe PPX holders should regretably take whatever they can get as they rank behind PXU's in all other scenarios.

Recognising the odds are (unfortunately) heavily stacked against them, I hope PPX holders see it this way too.