cone of silence - peace, page-25

Hi firsova. Not sure about the use of word "contribution". Perhaps if you invested in PXUPA during the initial float or in PPX at any subsequent rights issue. But buying onmarket doesn't contribute anything to PPX. It is simply transfering money from one investor to another.

I don't know any perpetual hybrids that get bought back early at a heavy premium. Yes, when the interest rate steps up to a point it becomes expensive debt and they are cashed in. Usually onmarket. But PXUPA doesnt accumulate interest. So it isnt expensive debt in any way.

I do know hybrids that have been bought back on takeover or recieve cash on windup. Both would apply to PXUPA. But until then it wont happen. And IF/When a Takeover happens then it will unlikely be at $100 face value. Simply their are too many of them. $285mil just to take care of PXUPA and then extra to take over PPX. It would value a takeover at $350mil. Cant see that ever happening.

Same as wind up. The difference between book value, NTA and face value would see a significant loss for PXUPA. What is the latest the Responsible Entity valued PXUPA at? $34?

So for PXUPA to get $100 is virtually impossible.

To get an early payout, particularly at premium is possible. But wont happen for the sake of it. It will be linked to a take over. No take over then no buyback.

Any suitors will not jump in until more asset losses. They need it to reach a point that they can say to PXUPA holders take it or leave it. And leave it is a disater. All equity needs to be eroded first.

For now they are in limbo.

haven't had a chance to view the webinar. But hope to when I get some time. Wouldn't mind meet Graham myself.