Ann: PPX: Bidder's Statement - Off Market Tak, page-15

re: Ann: PXU: PPX: Bidder's Statement - O... My take on sellers is they saw the PPX statement and formed the view PPX going no where apart from (potentially) down so adopted the cut and run.

Others still holding may have formed the view....

1 PPX may rise due to PPX/PXU buyback (as it removes debt liability, or it may fall from dilution, but at least the impact would be known, or

2 PPX may get wound up (eg run out of cash) and the residual value to PXU would be more than the 250:1 (~ $11 4.5c), or

3 PPX offer is low-ball so will hold out for future offers (if any)

My humble opinion is unless PPX get serious about improving their balance sheet by taking out PXUs that a wind up event may bring the best return for PXU holders.

Currently PXUPA only