graham's "orbis vs paperlynx"

Graham has posted a new note on his Sux blog.

I believe he is drawing some long bows with this latest blast.

First the name. From my perspective it is not Orbis vs PPX but rather Orbis giving a firm indication which way they want PPX to go. There is no indication that PPX management disagree or are in conflict with Orbis.

Second he suggests that Marais' previous view that a breakup did not make sense is in conflict with Orbis now suggesting a sale of some European assets. I see no conflict. It appears to be Marais reference to a break up was in reference to the PE proposal not a sale of some assets.

Thirdly he is still suggesting Orbis wants Marchant sacked whereas my reading is that Orbis was hinting a change of management down the track was a possibility if Marchant does not get results. To me two different things.

Fourthly the Blog suggests the fact that Orbis staff hold PXU is in conflict with Orbis indicating that payments to PXU should be suspended. Graham has already told us that Orbis also hold PXU. I see no conflict in Orbis (or their staff) on this. A punt on PXU at current prices does not mean that they do not think PPX will recover.