Ann: Market Update in relation to PaperlinX SPS , page-19

re: Ann: Market Update in relation to Paperli... Blues

I have not focused on the details - ie how much each PXUPA needs to get in cash or PPX shares or how big a CR is required to ensure PPX has sufficient capital going forward for a deal to be done.

What I am convinced of though is that there is little point of just buying or swapping out the PXUPAs from a PPX perspective. Currently they represent a long term loan with no short term obligations. The real benefit is that a deal allows a CR if extra cash is required.

So if PXUPA holders want too big a share or a 'WK' wants all the cream, as a PPX holder I would rather hold out. As a PXUPA holder I suppose my view would be a little different. I wonder what the view of large PPX holders (eg Orbis - Allan Gray) would be?

Another thought - A buyout/ swap of the PXUPAs makes a takeover easier to implement. I wonder if the Board is thinking of packaging up PPX for a buyer.