a share swap?, page-16

Graham

>One thing is certain, if there isn't 100% conversion, if conversion is the path taken, then the balance sheet problems faced by PPX still exist.

My suggestion was for PPX to raise more capital than required to buyback PXUPAs. Provided Andrew Price and the team have turned the ship around by then, the balance sheet problems would be dissipated by the CR. I see little chance of a CR until it is clear the ship has turned around.

From a PPX perspective I see little need to buy back PXUPAs other than to get agreement from the holders for a CR. For those holders wishing to retain perhaps PPX might have to agree to a change in the rules on when interest payments must be made.

Reread the PIGS webinar. Could not see what I think you are referring to there. Perhaps you would be kind enough to point it out.