Ann: 2016 Full Year Results,PXU-SRS.AX, page-8

what is obvious - is that aust/nz rev's have fallen circa 25% over the last 5-yrs. this is despite several plans and abt 4 CEO's. this appears to be driven by Aust declines.

what is also obvious - is that no rational investor will buy either instrument (b/c of potential or perceived dilutuion) ......

I do not have an answer to what the "correct" split is.....I do think that whatever happens, some will be happy, some less so.

for the business to move fwd - the issue does need to be "fixed". it will have to get rid of all of the preff's, so I suspect - it will be at the major shareholder level (ie an agreed deal).

it should also be obvious - that the longer it drags out - the "smaller" the pie is becoming.

rgds
V_H