It's fair because it is an offer only. The PDS only shows the...

It's fair because it is an offer only. The PDS only shows the compulsory terms of conversion and trigger events. Nothing stopping PPX making an offer or a third party launching a take over.

But I agree, it is very opportunistic and will get some people in the same way Tweed manages to buy shares cheaply via unsolicitated offers.

I do see some people accepting. Just a simple arbitrage play. Buy PXUPA, convert, sell, scalp the profit. Might return around 10% in a few weeks. Risk free.

The poster that mention PPX not cancelling the hybrids has an excellent and not obvious point. This is a very real danger. PPX give you 250shares for your PXUPA. They then own the hybrid. They are not cancelling it. This is made clear when they talk about minority holders.

So they could easily gain 10% of the PXUPA vote from this buyback. Not enough to force anything. But enough to stop PIGS especially if their are already friendlies on the book.

Some recent buying is likely to be friendlies aware of the offer. Buying up in recent weeks. Then cash out. They win and PPX gains some votes. And wouldnt be surprised if the have a backer until the offer closes knowing they cant lose. But PXUPA below $14 will quickly dry up.