dumping, page-15

Blues

>PXUPAs stand in front of PPX ordinaries in terms of being paid any residual value from PPX - which I understand was the objective of the report.

The problem I see with the report is that it speculates on some improvement in PPX assets and then attempts to value those assets. The range of values reflect the various outcomes envisaged. It does not include longer term scenarios in which PPX really sorts itself out.

I may be cynical but I suspect the real purpose of the report is as a bargaining chip in a situation if and where there is a proposal for a share swap.

I hold both PPX and PXUPA and am happy to let Andrew Price and the team continue to sort things out at least until evidence emerges that they cannot. Sadly if that eventuates it is likely that both PPX and PXUPA will be valueless.