Deadfish - you are "correct" in that IF the 15m redomicile had not occurred - then PPX would already be under the care of an administrator ......
however - the company can "offer" any ratio of shares it so chooses ! ........weather that is acceptable or not depends on holders .........
IF we assume that 6-8 times EBIT multiple is "fair" for a company of this type - then the whole shooting match is "worth" 80-110m (+/-) .......
IF the hybrid issue were resolved - then perhaps there is some upside .......what should be clear is the hybrids AINT worth $100/unit ......
hopefully management is astute enough to work out that
1. to "grow" it will need to make acquisitions (ie additional equity will be reqd ....)
2. no-one in their right mind would put additional $$$ into PPX UNTIL the hybrids are resolved ......
3. no insto will look at this stock till issue is "fixed" and a future plan "announced" ....
4. the "bounce" is due to relief the thing hasn't been placed into administration .....
i'm not smart enough to work out what the management plan is ............
rgds
V_H
SRS Price at posting:
3.5¢ Sentiment: None Disclosure: Not Held
