Investor, I tend to agree with your thoughts ......... however,...

Investor,

I tend to agree with your thoughts .........

however, the deal, to get up, has to be palatable to the larger pxupa holders .........

will have to watch and wait to see if they "take" the offer .....

then to realise value - management have to show that the base businesses isn't going to continue to bleed sales .....

if they "get it right", your scenario is about right (imho) with +/- 20% "range" .....

given a lot of the pxupa holders have been in the thing for some time - I rekon there will be some "natural selling" .......which could dampen the ord share price for circa 6-months (again imho).

the "only" way full value gets recognised, is if its taken out ........and that can "only" occur if the deal is agreed to by the major holders .......

interesting times !

rgds
V_H