I thought these sorts of exercises are about reducing...

I thought these sorts of exercises are about reducing administration costs and nothing else. I've been caught-up in a number of these, and every time it's because the business is struggling with cash and must reduce costs.

There are 10m shares that belong to unmarketable parcels, representing about 3% of shares issued. This won't substantially increase the value of PVD, nor will it be of any real benefit in the event of up-coming news.

It doesn't make sense that this indicates anything in the pipeline. If there was anything tangible, they'd announce it and probably perform a capital raising off it's back and take advantage of the increased share price.