cash plus script ?

what would any PXUPA holders think of a cash and script deal ?

say around:

1. $5 per PXUPA
2. plus 550 - 600 SRS shares

$18.50 - $20.00 per unit

the reason for prompting:

1. I cant see any logical reason why the large pxupa holders would be willing to swap for SRS .......
2. SRS management appear to have realised that without access to additional capital - growing their business is going to be both very hard work, and very slow going
3. without some sort of capital restructure - both classes of security's will have approx. zero market interest .......regardless of the outlook for the actual business
4. even if the business stabilises - there is little chance that it will generate suffiecent retruns to pay the distributions on pxupa units...


rgds
Value_Hunter