interesting, page-3

Graham CC -Thanks for the links.

If I have understood the proposal correctly, the deal would be:

For PPX holders: 16c Options granted at 1:1 excerciseable at 16c ie slightly less than Prices options at 20c.

For SPS holders: 250 PPX + 250 options

Full conversion would see ~ 1.2 billion of PPX on issue with the same number of options on issue.

Outcome could be..............

If $285 million of SPS "debt" was retired then that would equate to ~ 24 c/PPX (28.5 billion cents/ 1.2 billion PPX)....even if we allow the market to treat harshly it may be 16c

So PPX holders would be significantly better off versus the current 4.4c

SPS holders would be on $40 ie 250PPX x 16c.

Expect both PPX and SPS would also be able to trade the options?

PPX would also have:

1) Improved terms of trade and freedom to move forward on initiatives (as per my earlier post) which could (or hopefully should) lead to the 20c Price needs to bring his options in to play, and

2) if options exercised then extra cash in to PPX

3) Existing board would still retain control

Hopefully I have understood the proposal correctly?

If so, I don't see a loser in this?

Also see big incentive IMHO for PPX holders to push for this.

The above analysis is based on 100% conversion. Issue could be if significant number of SPS holders with held conversion - but expect this will largely be dependent on how the deal is "sold".

Presume the PIGS group (SPS holders) would throw their weight behind this - correct?

Currently PXUPAs only.