Ann: Trading and Strategic Review Update , page-2

They probably need 75% to get PXU holders to accept any deal. Don't think that $21 is enough based on net assets alone even though losses are higher than expected. Realy, PXU ane senior to the ordinaries so if PXU has to take a haircut then rightfully PPX should not get a cent. In reality any bidder would have to pay them something so they'll have to raise the bid for PXU.

This announcemnt is just to soften us up for the comming negotiations.