I suppose PPX quite deliberately did not make an "offer", but...

I suppose PPX quite deliberately did not make an "offer", but merely foreshadowed an intention to make an offer. Looks to me like the flying-a-kite approach to negotiation, where one hints a silly starting position not with a view to it being accepted, but rather with a view to ascertaining and considering the responses.

To me, that is further evidenced by the fact that no bidder's statement has come through, and that PPX appears still to be seeking feedback and investor views, both by telephone and in meetings.

I suspect PPX has been getting fairly consistently negative responses from PXUPA holders about the 250:1 concept.

Maybe there is a revised position being formulated, heck who knows, maybe even one that has a chance of being worthy of consideration.