Ann: Market Update in relation to PaperlinX SPS , page-7

re: Ann: Market Update in relation to Paperli... This is what's cooking: They'll definitely make a low-ball offer, it will be accepted by PPX holders but rejected by the PXUPA holders. Following this, the half year result will show the company has no chance of meeting their "EBIT positive by 2014" projection.

The Board will then calculate a somewhat higher subsequent offer (at which time it will be 'darkest before dawn'), with the hybrid holders capitulating. That's the Board's plan in my opinion.

[PXUPA only]