over 8% of pxupa now owned by a hedge fund., page-9

Don't expect any deeply thought out company-specific strategy here. from my observation (based on Alinta, Prime etc) they have two generic tactics:

(a) apply pressure to board, generally ad hominem
(b) apply pressure to banks, threatening to find a way to blow up their security unless they are paid off

They play these tactics and see what drops out.

Does anyone have a view on probability of bank covenant breach? Would PXUPA get to play in any debt restructure? If so, this could be their angle. Presumably a lot of value would be burnt if the company is put in receivership, so banks wouldn't want to do that, which would give PXUPA an opening to press for conversion or redemption.