Finch >Of course the hybrid issue takes away management time to...

Finch >Of course the hybrid issue takes away management time to fix the business.I know who is having a dummy spit.Andrew Price came in out of good will to try and fix the business it may or may not work.We did not see anyone else putting their hand up?It is a difficult job in a declining industry.

I agree. I suspect Andrew Price's skills are more in the business itself rather than corporate finance so this PXUPA deal was probably dreamt up by someone else who recommended Moelis.

I may be wrong but I will float an optimistic line on it all. The Board is convinced PPX is in turnaround and realise the PXUPAs will be worth a lot more when that turnaround becomes more evident so why not try to buy them back while they are cheap. That will accelerate the increase in the PPX SP. Whether this is likely or a fantasy I am not sure but I sure hope it is.