a share swap?, page-12

Nathan, Graham

Agree there seems to be a "requirement" to get the ducks in order. Expect the importance of this "requirement" is what will drive offers.

Irrespective of any "requirement" it makes sense to me that PPX should look to retire the $285 mill PXUPA as with it trading at $9, now is the time to move - not when it gets back to $40+

Nathan's analysis is sound and shows how the value is released in retiring the PXUPAs even though I expect the PPX will trade at a discount to the 27c NTA due to their continued trading losses.

Austted

PPX buying PXUPA at $9 makes sense, but I'm not sure if they can do it on market as it could be considered as "making an offer" for only part of PXUPA and I think (but not sure) they have to make any offer available to all PXUPA holders?

Jamwolf

I like the idea of a mix and match ie a "hybrid" solution :)

Perhaps may be a combination of some cash, a note and some PPX? After this fiasco - the note would have to have some very strict conditions.

PXUPA only