Graham's proposal might be in the interest of PXUPA holders as...

Graham's proposal might be in the interest of PXUPA holders as it confers a benefit PPX is currently not required to give. On the other hand it does not appear to be in the interest of PPX shareholders and Graham's suggestion that most of them now have small parcels and wouild not care is nonsense. Many of us have either bought recently on the expectation of a recovery or have averaged down. We bought in the knowledge that the PXUPA divs could be suspended provided ordinary divs were not paid. This proposal is against our interests and should strongly be opposed by the Board. It would significantly dilute our interests and has the potential make PPX insolvent if the recovery takes longer than anticipated.