a share swap?, page-7

Romatique,

In terms of negotiations, the trustee's assessment is irrelevant with the key (only?) criterion being what offer would get a vote passed by PXUPA holders.

Aussted

If I recall correctly it would have to pass a vote and it only takes 25% of votes cast to block a resolution. So any proposal will need to target large holders (eg Coastal at 13% etc) and what they will accept.

As per usual small holders will have no say.

Will be interesting to see how keen PPX is to get any deal done as removing hybrids from the balance sheet has good potential upside for PPX holders.

As a PXUPA holder I would prefer a $ offer, but would consider a modest script component so PPX could reduce the $ paid out.

This may be the best outcome as limits PPX dilution and depending on ratios PPX may stay at current levels post dilution from the positive action in removing the PXUPAs from the balance sheet.

Anyway - all this will be decided by large holders.