The market price of PPX or PXUPA is not being manipulated .The...

The market price of PPX or PXUPA is not being manipulated .

The market is far to big for that , and the price of $7 and 5c is what the market values each at

With all the negative conjecture over the hybrids, and hybrid holders forever talking down the shares , if anything in my view the hybrids are fully valued and the shares to low , I think the board is of the belief the hybrids and shares should hold about the same say , so 125-130 for 1 would place hybrid holders with about half the votes of the fully paid once distributed .

If that proves to be to cheap the price of the share post the swap will go up and the hybrid holders value increased .

If there is a buyer for parts of the business on a swap the shares will go up

The company seems set to have another poor half year performance as it clears the number of countries, brands, employees , dual locations at a time there is a further falling in paper consumption , this however should be the last of the bad results if the boards past commentary of 2015 being the year they hope to return to profit is still on the cards .

We should also see the debt with banks reduced

A big band of hybrid holders paid less than $20, many less than $10 and are opportunists using the true hybrids sufferers who paid $40 + many years ago as the basis of their claim for the board to treat them better than what the market suggests is the true value

I don't think the shares or the hybrids are being propped up, or sold down to change the multiple , and the multiple i think is fair would be to use a multiple that is the average of the 6 or 12 months preceding the event , at present about 125


I don't think the hybrid holders that are the most vocal want to see the company carved up , they just want to turn their $10 in to $30- $40 but I do think they are looking for a share swap , but at an unrealistic value and want upwards of $30 current value

I suspect they are seen by the current board as not sharing the same values, and that is to restore value for the company and its shareholders so I suspect until that changes the board will continue to delay interest repayments until all the bank debt is gone .