re: Ann: PXU: PPX: Bidder's Statement - O... PPX's approach to...

re: Ann: PXU: PPX: Bidder's Statement - O... PPX's approach to this "takeover" (more like an on-market buy back by stealth given that it has no minimum acceptance condition) is perplexing (actually "PPX" is quite a good short form for "perplexing"):

Step 1: Get all PXUPA holders off-side by making aggressive statements about fiduciary obligations etc, and threatening never-ending cessation of distributions.

Step 2: Propose a desultory 250:1 offer, based on a notional 5.6c PPX value, and $14 PXUPA.

Step 3: Wait.

Step 4: Wait some more.

Step 5: Lodge bidder's statement confirming the 250:1 ratio (now worth more lie $12-odd), and include foreboding language to suggest that PPX scrip is likely to be worth even less than it was when the original offer was desultory.

Step 6: Wait.

Step 7: ?