"Yes the PXU could double in 2 years when all this gets sorted,...

"Yes the PXU could double in 2 years when all this gets sorted, but whatif its 4 years, what will they be trading at by then?"

I think most people would take double for either PPX or PXU in a 2-4year timeframe. Or from any investment for that matter. Turnarounds can happy pretty fast and you have historical shareprices as targets in the future depending on the turnaround scenario.

"Better risks elsewhere IMO."

Possibly true. Their are other distressed hybrids and companies. Or companies still in infancy that are worthy for consideration.

To evaluate PPX risk, I would ignore sp for the moment and just consider profitability. The previous losses/impairments are large compared with current market cap, but small in terms of turnover. That does provide an opportunity to make small changes that can turn things around. A percent here or there would be huge.

Obviously it could be a bumpy road but their is light at the end of the tunnel.

Their are possible negative announcement that can destroy value overnight. Impairments or low ball take over.

Their are also positives that can cause big bounce overnight. Asset sales, decent take over offer, cost cutting, debt restructuring. Even a discounted cap raising I think would end up in the positive column.

Graham has pointed out that hindsight would have you raise earlier. It looks like an obvious and correct call. But its not too late.Their is always a market for cap raisings. Even if it falls short in subscriptions.

Just means it should probably be a rights issue. And a decent one at that. Either get it underwritten or have a larger ratio and accept it will only get 50% take up. Renounceable might help get a higher uptake.

But I think they aren't desperate for cash. So they'd be better showing the market they have, can, and will cut costs.

Its a work in progress. Definately has risks. But the balance sheet and debt structure provide some room to manouvre. Banks are happy. PXU dont matter. Impairments are the immediate concern. But not enough to put me off personally.

I'm kind of waiting just now. Want to see how the PE offer goes. That is holding things back imo. Most dont think its a serious offer or that it would get approved. But its still in the back of our minds. Would be better if it was officially taken off the table.

They have offers for part of the business. Its a matter of achieving a fair price in a timely fashion. These things tend to drag on.