Thank you all for your considered interpretations. I was going...

Thank you all for your considered interpretations. I was going to buy first and ask later, but all of your thoughts (and all of them interpreting this the same way), have led me to put in on the backburner.

I am not into Orbis saying PPX could buy back PXU over 10 years, either... 10% a year would drive people mad. However, if it was 10% a year @ 100% of face value, I guess that could change things. Still, who has a 10 year time frame these days!

Graham, any clue as to the seriousness of this PE firm in their offer? They must think they can make a motza with this offer or they wouldn't make it.

The step-up date is coming soon enough now- a mere few months. There will be some activity wit the PXUPA's as the time comes closer. It's very hard to know which way they will travel.