They will probably lose a couple of percent on the $50m bond...

They will probably lose a couple of percent on the $50m bond (once off) as a penalty for early redemption. But the replacement bond is for $10m less, and at interest rate 2.32% less.
And the number of shares will be reduced by $6m worth (through buyback).

The blue sky factor, for me, in terms of share price appreciation is improvements in supply chain efficiency and structure. Cant see how PMP and other print providers and distributors would not be analysing this. They could come up with some good win-win scenarios/solutions if egos/delusions dont get in the road imo.

I'm plan to hold my shares at least till after the half year result next Feb.... Cant see how the shares will be under 70c then, which is a lot better than bank interest from where the price is now..

The thing I have liked about this company/investment is its relative insulation from macro issues.. PMP might be a bit boring for some, but not as much to worry about compared to a lot of other stocks...