Firsova>In my view cause as much mayhem as possible to disrupt...

Firsova

>In my view cause as much mayhem as possible to disrupt the business , attempt to have the PPX hybrid offer declined and suggest ridiculous ratio swaps then sit back and wait and attempt to blow up their fellow hybrid holders who are hurting ..... as a PE business does they will wait and wait and wait then look to pounce to get control of the PPX board , as per the BBG strategy .

I tend to agree but the flaw in that approach is that Coastal would no influence on the PPX Board unless they buy up big on PPX shares. They may be trying to ride on PIGS coattails hoping Graham and the boys can extract a share swap that gives them a big enough interest that allows them to do the sort of things you suggest.

As I wrote earlier, I cannot see any point in a share swap unless it is linked to a CR. I cannot see a CR being viable until it is clear PPX has turned the corner.

>The Aust , NZ , Canadian business have the potential to generate up to $ 100 m EBIT in the next year or so and as such in a break up , provide PPX a huge value lost on a lot of holders .

That is correct but the European assets with their associated liabilities -probably have a current negative net worth as PIGS point out so it is critical that Andrew and the team turn that around or offload some or all of it in a fashion that leaves the remainder in a healthy state.

I just hope that the ship can be turned around and in a way that current shareholders can retain their equity, not have it diluted as in the case of BBG.