Surely only a compulsory buy back has to be at face value ?
Theoretically, they could offer what they like, it's then up to PXUPA holders whether they take it or not.
In practice, I seriously doubt they could find the cash, or the investor to do this, or that their banks would let them without a serious reduction in bank debt at the same time.
IMO.
hastie ppx parallels, page-8
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