Iona>The first $285M goes to the PXU (including what the Company...

Iona

>The first $285M goes to the PXU (including what the Company has got under the 250:1 nonsense bid). Agree the Company has signs of recovery but still the PXU convert at closer to 2500:1 than 250:1. They opportunistically put a derisory bid out knowing there were signs of life. The next attempt at opportunism needs to be 1000:1 otherwise the PXU may hold out and no dividend will ever be paid the PPX.

>including what the Company has got under the 250:1 nonsense bid

Surely you meant "excluding" as PPX will own those units. I am not intending to take up the offer because I of how I manage my risks. However I can why others like Firsova may choose to take up the offer. Anyway the more units converted, the easier it will be for PPX make a better offer down the track or to recommence dividends. Once it is clear PPX is profitable the SP will recover and that will make it easier to make another offer.