re: Ann: PXU: Change in substantial holding f... The key...

re: Ann: PXU: Change in substantial holding f... The key consideration for PXU holders decision in the next 4 weeks was highlighted in the trustees comments in todays letter

'This offer cannot be increased

Cannot is a strong word , and definate

Bacuse of this it is my view post closing of the offer the PXU will return to trading at a 100 to 1 ratio opposed to the current offer of 250 for 1 .

PPX 5c , PXU $5

Whilst there is only 3.7% acceptances to date , or a reduction of $50 million in debt , I suspect a lot of PXU holders have been hoping for the noise to encourage a bigger offer from the PPX board

This increase hope is now completely out of the consideration process on whether to hold and wait or accept .

I anticipate a 20% acceptance will now occur , with about 100m extra shares issued as a result , but around a $50m reduction in balance sheet liability created .

PPX directors will now take the stance of the previous board and ignore PXU holders who reject thier attempts to make a comprimise by offering the control of the business ( 54% of the shares on issue ).