Complicated. Many factors. They are losing money. The book value...

Complicated. Many factors. They are losing money. The book value might not be realised especially by a distressed seller. And even though market cap is $32mil, their is $285mil of preferential PXUPA hybrids in front of the equity.

So if the $1bil assets get written down and PXUPA get there cash, then what is left for PPX? Probably more than $32mil. So it could still be cheap. But if the losses continue then the value get eroded. If the hybrids get bought back again that will help. I think they should re-open the offer periodically.