Bluefurmonkey >The ASX release talks about a "scrip based merger" of the two classes of security, which sounds to me like all or nothing, as opposed to an arrangement under which PPX would make an offer to some only of the PXUPA holders.
I agree that looks like what is proposed.
It seems to me that we need to clearly understand 'the rules of the game' in any negotiations between the PPX Board and whoever negotiates on behalf of PXUPA holders (presumably the Trustees). More importantly we need to know if and how the respective shareholders (titleholders in the case of PXUPA)get to vote on any recommendation.
Depending on the proposal I would like to be able vote up or down a proposal with respect to both my PPX and PXUPA holdings. If the Trustee is able to decide on our behalf without a vote I see a legal challenge possible especially given the attitude of PIGS and Coastal as you report.
I have to disclose that as a PXUPA holder, the 40% figure in the AFR is not very attractive at all, and I would be very surprised to see it get legs, what with a US hedge fund (Coastal) at 13%-odd, and the PIGS etc.
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