the future, page-14

Don't think there is any doubt re the PXUPA clause insertion. Pity they did not put the same effort in to increasing profit on revenue by the 0.4% needed to pay PXUPA holders.

Reset date in July will probably see the 2.25% added but not much use if not being paid. July 2014 will come quick enough and at $20 current PXUPA price will potentially proivide up to 50% return p.a. Alternative in the meantime is a buy back or take over, both at $$$ well above $20. Worth a wait IMHO.

PXUPA deferral means no divis for PPX until at best July 2015 but hoping for SP improvement in lieu.

Time to see what Mr Price can do.