My guess would be that a lot of the PXUPA holders got involved...

My guess would be that a lot of the PXUPA holders got involved in the period when the preferred dividend was cut, and then reinstated temporarily. Probably 40-60c range.

In hindsight, it was ridiculously optimistic of former management to have reinstated that dividend when they did, albeit only for a quarter I think. But bottom line, it suckered a lot of people into picking up what looked like an extraordinarily high yield play.

Unfortunately, those same people have since discovered that high yield comes with high risk.

I think the brutal conclusion is that PXUPA is simply a horrible instrument - exposed to the vagaries of a dog stock in a dog industry, with no rights except in limited circumstances out of their control.