egm 2, page-2

Firsova

My thoughts

>I suspect we will see the former ,

I agree. He is investing a lot of time and energy so unless he decides it is a dead loss I believe he will move again. Another option is that the Board capitulates before a second EGM and does a deal (eg appoints Price CEO with perhaps Clarke Chairman)

>The vote was very close last time and i assume the majority of the sellers from 12c down to 5.5c was Price backers so his numbers are likely to be lower now than in May.

Not sure abpout that. While some Price supporters have given up and sold there may be others who will now support him.

>Boon supporters would be happy with the restructure , as it has been completed and the company is on the record as saying the hard yards have been done and they have the capital to press forward to profitability

Not so sure about that either. The restructure has not been completed with the detailed implementation critical to PPX surviving long time. Also the Board has reversed many of its earlier positions vindicating many of Price's claims.

>IMO Long term holders who voted for Boon have no reason to swap sides

Schroders for one have a very good reason having been burnt with Hastie where Boon was a Director. If Schroders do not change their position I would question the sanity of their management.

>I suspect if price does get on board the short term SP will rise .

Agreed

>The question i am unsure of and most care about what will the SP be in 12 months if the current board remain and attempt to deliver the strategic plan compareed to what it would be if price got involeved

>Any opinions ?

All depends on the implementation and how/when the current Euro mess gets sorted or not.

>In 12 months if the current board did deleiver a profit in 2013 well i suspect 10+ would be a bargain

Yes provided they did not revert to form and recommence their previous bad form

>If price led the business and did get t profitable in 12 months , I sense the same 10+ would be a bargain

More likely