Let's not split hairs - it does not say PXUPA's redemption value...

Let's not split hairs - it does not say PXUPA's redemption value is "capped" at $100, it IS $100 plus accrued distributions.

Re a capital raising by way of the PPX, you are correct that there is no prohibition in the PDS.

A capital raising by way of PPX issue would look like this (and the reasons set out why I can't see it succeeding):

(1) The market currently values the non-PXUPA equity (ie PPX) at about $35M.

(2) The non-PXUPA equity value has been falling for 5 years or so, and continues to fall each time there is a P&L loss.

(3) If PPX are to be issued to raise equity, the newly-raised cash will presumably be reflected to some extent at least, in a higher market valuation for the non-PXUPA equity. Let's say $100M were raised, then optimistically the non-PXUPA equity might be valued at $135M.

(4) The subscribers for the new-PPX would be taking a punt that the losses have stopped, profitability has returned, and that the market will increase the valuation of the non-PXUPA equity. If losses continue, then the subscribers will simply smoke their new investment dollar-for-dollar as the PPX price falls.

(5) The subscribers then cannot get their money back by dividend, capital return or otherwise except if PXUPA is paid out.

(6) So, to subscribe for new shares in PPX is a punt which means that unless PPX stops a long-run series of losses, not only will the new PPX holders not make any money, but they will lose their money.

Sounds like a dud to me, which is why I can't see how a cap raising could succeed unless it involved a negotiated take out of the PXUPA.