With the vote now behind us the next date for consideration is...

With the vote now behind us the next date for consideration is 30 June remarket for PXUPA.

Redemption for cash is out of the question as PPX have none.

Conversion out too as we would wipe out existing PPX holders. But would be nice as we could then oust Boon.

Expect we will be stepped up by 2.25% to make distributions (if/when they resume) at 4.75% + 180 day BBSW.

Without distributions being cumulative (a far stronger position - but in reality if a coy is going down then they would not pay anyway - so we are in the same position except not showing as accumuated debt ) we can only take what we are given.

If I recall - at best distribution may be 2014?

Even so at $15 would provide ~ 60% return p.a. At $20 a 50% return. Expect this will be worth the punt and the wait for some.

If this mob pull thru and ever decide to pay PPX dividends then they must pay PXUPA two consecutive payments prior.

If they don't pull thru then PXUPA stand in front of PPX in a wind up.

Further, if a takeover is proposed, then PXUPA votes come in to play.

The worst case for PXUPA holders is the slow death of PPX scenario. Hope the vote has at least brought some urgency to the situation and see a crash thru or crash for PPX - either way OK by me, but wouldprefer the crash thru.