Blues, looks like you've nailed it, but others can do the financial stuff way better than myself. The only thing you're missing out on is that we have a seller, evidenced by this market depth:
http://cb.iguana2.com/netwealth2/depth/pxupa
That block isn't helping- it's like a lid on the PXUPA price- deliberate or no, not sure, but one would think they could break it up. Check out the history of PXUPA priceds- this is way too cheaper than when historically paying a distribution:
http://markets.smh.com.au/apps/qt/quote.ac;jsessionid=3153788126A1B8049E9F57F3F6443981?code=pxupa§ion=charts&submit=#topOfChartsAnchor
Cheers and good luck.
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