Firsova,My quick estimates based on an average of 5,000 PXUPA's...

Firsova,

My quick estimates based on an average of 5,000 PXUPA's traded /day sees a maximum of 1.1 million at $12 or less and 1.7 million at $20 or less.

Question is how many times over have these shares been traded?

If I allow twice then the numbers become 0.55 million at $12 or less and 0.85 million at $20 or less.

As there are 2.85 mill on issue, this represents only 20% and 30% respectively.

That leaves a lot of holders at > $20, and I guestimate at least 60% of holders at > $40.

Recognising 25% of PXUPA can block any motion, presume any proposal to PXUPA's will need to be targeted towards this majority.

Therefore suggest $40 minimum plus some PPX would be needed.

Agree with Nathan Black re the $285 mill interest free loan but point out this is at PXUPA holder's expense.

At some stage the PXUPA issue will need to be addressed.

PXUPA