re: Ann: Market Update in relation to Paperli... Blues, I still...

re: Ann: Market Update in relation to Paperli... Blues, I still cannot see how this can fly.

>Pure speculation, but the initial offer may be $20 plus 200 PPX accompanied by compelling reasons to accept, including it is better than the "offer" received in December 2011 etc

>Where the $40 (~ $115 million)for PXUPAs will come from is a question for the Board, as they would not only be improving the balance sheet by a net $170 million, but also ridding PPX of the PXUPA restrictions to potential development.

>Time for them to get the thinking cap on and sleeves rolled up. Not sure if Moelis & Company are still around to assist?

PPX cannot afford $1 let alone $20. or $40. without a CR at present. One approach that might worry me is a so called 'white Knight' swooping in providing the cash and leaving PPX holders with much diluted equity just before things turn around. As a PPX holder I would rather wait longer and / or provide the cash through a rights issue. As a PXUPA holder I am also prepared to wait to get a better return.