Yiu may well be right, but the numbers illustrate the diabolical...

Yiu may well be right, but the numbers illustrate the diabolical problem faced by a bidder; namely to offer the ords a premium which may be attractive enough, yet also to offer the PXUPA holders a figure which recognises the preferred nature of the hybrids in the capital structure. If we take 15c as a PPX offer, that gives approx $90M to PPX. At $34 for PXUPA, it is approx $95M to PXUPA. That would seem to me very much to undercompensate PXUPA holders vis a vis the ord holders. On one level, I can't see how a bidder can get to an acceptable premium on the ords without moving close to $50 on PXUPAs. Still, unless and until there is a sensible takeover approach, it is a mere hypothetical!