I'd suggest the smartest thing PPX management should do is to...

I'd suggest the smartest thing PPX management should do is to put a 200,000 share BUY purchase on market for PXUPA at $14.01/share and leave the BUY on market for one year. At the same time offer PXUPA holders a conversion of 1 x PXUPA for 300 PPX shares. Obviously PXUPA sellers would prefer the cash. Spend a little cash is fine for a buyback.
After 1 year if any BUY shares for PXUPA remain then cancel the BUY and then wait another 6 months before reinstating another BUY for 200,000 PXUPA shares.
This method is a good way for a company to soak up shares, many holders get desperate when the BUY is about to be pulled and jump over each other to sell.
Once PPX management makes it clear that they won't be pressured by PXUPA holders the better.
Once PXUPA holders realise that they won't have any other recourse but to sell or convert then the other buyers of PXUPA will disappear.

Blues234, this is the best banana monkey trap for PXUPA holders. PPX just needs to stomp on the bananas a few times to make them nice and squishy and the monkeys hand will be stuck to the gooey banana and then will have absolutely no chance of getting his hand out of the bottle even if he wants to.
A bit like a fly trap.