There is a prescribed formula for PXUPA v PPX in certain...

There is a prescribed formula for PXUPA v PPX in certain circumstances.

If a bidder doesn't make a sufficiently attractive offer for PPX then the ordinaries vote it down on directors' advice.

Then PXUPA holders must be satisfied too. PIGS prevailed last time and will be stronger next time.

Hard gig for any takeover, and the board doesn't have the interest or presumably wit to think through a solution.

What is also certain is there will be no circumventing change of control event triggers - the RE has said so.

The only answer I can see at present is change of management as I'm certain current management is incapable of changing its modus operandi.