The responsible entity today reduced its fair value assessment...

The responsible entity today reduced its fair value assessment of the hybrids down from a previous level of $23 to $14.50

I noted they have taken in to account the market value f the instrument , a discount for the potential of no dividends until 2021 and the risk associated with PPX itself

If the fair value of the PPX is the market price say 0.10c , and PXUPA is trading around 30% below air value then 145 shares in PPX for PXUPA is in the opinion of the independent responsible entity reflective of a premium .

I was hoping for 130 for each hybrid but if PPX stays at 10c , then it is hard to see how the board could expect an offer of less than a $14.50 equivalent to be accepted .