Raising capital at such dilutive SP levels to pay debt would...

Raising capital at such dilutive SP levels to pay debt would make sense if the company is under real pressure from its lenders, especially if it faces imminent risk of breeching any of the loan covenants. In PPX's case, the company is under no pressure in relation to PXUPA debt...legally it does not even have to pay interest for as long as it needs.

So why would the existing shareholders want to put in more capital (which would have to be multiples of the current market capitalisation of the company) or have their shareholdings massively diluted by allowing non-shareholders to inject capital instead?

By the way, I am a holder of both PPX and PXUPA, with my average prices for both being substantially higher than the current prices. So I can see situation from the perspectives of both... I am just being rational about the situation and accept that we all have to be more patient. I think the previous management has done a poor job of managing the company, and several of the current Board members were party to the decisions then made. We need to give the new management more time, albeit they have been in the jobs now for a while so they cannot keep coming up with more excuses!