NathanThe 15% argument is interesting since they are going to...

Nathan

The 15% argument is interesting since they are going to have to seek shareholder approval to issue over 100% of existing capital to dilute shareholders by 54% under the proposed takeover.

Also not a good look to threaten that PXUPA holders will be left hanging indefinitely. That's not cricket. Maybe there is a legal term to cover it.

Not quite sure why the selling of PPX this afternoon. The company is buying debt back at 14 cents in the dollar and some PPX shareholders are selling. Not sure what PPX holders see as a negative.

Personally I'm happy to hold indefinitely and by my reckoning the more PXUPA that sell the better of I am. So sell! sell! Who knows if I'm the only one left I might get $100 just to tidy it up. In the meantime I'll cheer for the current board to turn it around and pay a dividend (I assume the ords want to see a dividend). At todays rates I'll collect $7.50 in dividends before the ords see a cent. And each year I'll pocket a dividend of at least 50% of todays' PXUPA price. Happy to wait.

But then this is the first salvo and no doubt it will creep higher.