>Austted ... i did mis-understand. However it still equates to no cap raising without the SPS having been effectively dealt with, however it is worded or structured.
I see the main game as turning PPX around. If that requires a CR, then my proposal, even if naive, would achieve that if all parties including an underwriter can agree.
I assume it could not go ahead without agreement of 75% of PXUPAs and might need to involve a scheme of arrangement whereby PXUPA holders have to agree to either a buyback at less than $100, a share swap or a new security with a reduced interest rate and possibly a lower face value. That would deal with the SPS's as you put it.
I have no experience in this area but am aware such a deal will not work unless it is in the interest of all parties. It would certainly need evidence that PPX has or is about to turn the corner and that PPX with the proceeds of the CR would be a sound profitable company.
SRS Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
