1) As at 30 June, if the sums owing to PXUPA holders were debt,...

1) As at 30 June, if the sums owing to PXUPA holders were debt, not equity, PPX gearing would be 54.7% not 18.9%

Graham,
The above statement is true.
But the word "if", changes the scene completely.
Because , plainly, the pxupa's are not a debt.

So, exactly what debt is due that hasn't been paid?
And if there is no such debt, no insolvency at this time.


"Stopped Dec distribution & advised "unlikely that further SPS distributions will be paid"

Do you honestly believe that is ethical behaviour? Forget the feel good rhetoric, this is reprehensible opportunistic behaviour."

This is your opinion on their behaviour, but the directors are perfectly within their rights to take this action.
The possibility of such an action is clearly stated in the terms and conditions.

Plus the directors responsibilities are to their shareholders.
If anything, they were foolish to make the payouts they did.
They perhaps owe more of an apology to the shareholders than to the hybrid holders.

cheers

disc: hold pxupa only