250:1 is dead in the water, page-18

PXUPA holders could demand 500:1, but the PPX share price would just fall to 2c or something.

At the end of the day, PPX will probably get (some of) the PXUPA holdings, consolidate share, and do a major capital raising to pay down debt. If they don't so this, they'll limp along on the edge of being broke. Only after a major capital raising will PPX develop a "true" value. I doubt it will benefit current holders though- or PXUPA holders. Only new ones and insto's who participate in a raising.