Ann: Non-Binding Indicative Proposal from Perpetual Limited, page-44

Really?! U think? If it's good enough for ppt at $6.30ish it's a good buy?!

challenge for ppt is making an offer while retaining control post success. They wouldn't want to issue more than 50m new ppt shares as that would give pdl shareholders effective control over ppt....can't call a merger...so how do they buy something worth more than them but keep control?

so my earlier 5:1 can't happen...might have to stay 7:1 ish and up the cash component...