afr today - paperlinx transparency absent, page-18

As I said before- PPX is (or will be soon) a zombie company. Its struggling to make a profit due to structural not cyclical headwinds in the industry. EU will take somewhere in the vinicity of a decade to sort out IMO

What will happen is PPX will raise capital, do some nice spin work about how a strategic review with sort out the mess etc.

The end result- PPX will be pricing around the same levels, PXUPA will be lower - less than $15 is not out of the question as the hybrid is for income investors.. no income = no reason for anyone apart from speculators to hold.