first, understand the facts

One of the great frustrations of this blog is a refusal to accept the facts.

Jamwolf

You refer to a previous offer of 9 cents and $23.00.

It was in fact 9 cents and $21.85 and conveniently notified to the ASX after the close on Friday December 23, 2011 under the grossly misleading heading “Trading and Strategic Review Update”.

It was a “whole of Company proposal” albeit “incomplete, indicative, conditional and non-binding”.

Check out http://asx.com.au/asxpdf/20111223/pdf/423h1r3hm2rsmm.pdf

Here are the inconvenient facts:

(1) This whole of Company proposal was worth $117,107,790. Check the maths.

(2) Assuming a VWAP of 8.1 cents (the close on Thursday, December 22, 2011) and applying the “change of control event” provisions of the PDS, the offer was in reality 2.78 cents and $35.16. Again, I invite you to do the maths.

(3) The Board of PaperlinX would have known this and unconscionably published this incomplete, indicative, conditional and non-binding and “invalid” offer.

(4) This gave PIGS its start in life and resulted in announcements by the Responsible Entity on January 17, 2012 http://asx.com.au/asxpdf/20120117/pdf/423sxq9098vwdn.pdf
and January 19, 2012 http://asx.com.au/asxpdf/20120119/pdf/423v76ypq98fx3.pdf

(5) I was at the meeting with the RE in Sydney in January 2012, and I’m still here fighting the good fight.

For the record, if a “whole of Company” offer of $117m was made tomorrow, at a generous VWAP of 6.5 cents, the conversion ratio would be 1,578 resulting in 2.29 cents and $36.19 for PPX and PXUPA respectively.

I guess facts are an inconvenient truth for many here.

It's investor apathy and ignorance which the Board of PaperlinX will try to exploit.