MJSI think you do not fully understand my suggestion.I am...

MJS

I think you do not fully understand my suggestion.

I am suggesting a capital raising done in conjunction with a share swap. That would require a deal whereby

1. The details of the CR are agreed in advance by PXUPA holders and PPX holders

2 The details of the PPX PXUPA swap and or buyout are also agreed at the same time.

3 Upon agreement of the parties, the CR is done through a rights issue with the units not picked up going to the underwriter. Then the funds received are used to pay out those PXUPAs who want cash and the remainder receive PPX shares.

Obviously the buyout price for PXUPAs would have to agreed prior as would the swap ratios but they do not need be as generous as has been suggested without a CR because post CR PPX would be a lower risk proposition.