From PrimausThe company currently has 12c per share in net...

From Primaus

The company currently has 12c per share in net current assets, after the PXUPA have been paid back in full at par. This implies a margin of $260 million in further current asset write downs or operating losses before the asset backing of the PXUPA starts to get eaten into, since they currently trade at $31. That’s a fairly substantial margin, considering that the company reported an underlying loss after tax of (only) $23 million this year.

My take on this is that the PPX board are lookimg to stop paying dividneds to pxupa, and then as the stock pu;;s back offer a buy out

The pxupa is now $20 , by the time the next payment date comes along this could be as low as 15 and seeing tax loss sellers get back half of their loss in tax and then be open to a buy out so for ppx to wait, recapitilize the business and get inn profitable then buy back pxupa from reserves or sale of a few assets we should see PPX a dramatic winner and head back to the exercise price for the CEO options ie 63 , a price it was just 6 months ago

i am a happy buyer in the mid 8s