nervous holders, page-4

One example of recent time that needs understanding was the $2m acquisition of the NZ business

The asset sales the board spoke of in their strategic reviews and within the interim results presentation was to supposedly earmark some capital freedom to allow a buy back of some of the hybrids

Surely that $2m alone would of been better invested buying back 200,000 units in PXUPA at a price up to $10 than purchase a small business in NZ .

In my understanding of the accounts the balance sheet would of shown at least a 5 fold better result than what occurred in buying the NZ business if 200,000 units of the hybrids were bought back at an average price of $10

Even buying hybrids at $11.50 is a 50% discount to the trust valuation on them , and would in my view show that the board does have some understanding to how hybrid holders feel seeing their asset drop for $100 to $8.00 over the last few years .

Positive action to reduce the number of units in the hybrids , should ultimately lift the asset price of the remaining units and might see some appeasment from remaining hybrid holders that hold in anticipation of a turnaround in PPX and recommencement of distributions in years to come

I hold PPX and PXUPA