pigs: break up ppx; demerge; make pxupa equity, page-8

The offer @ $21 for PXUPA's was when the NTA was around $34 (I think- could be wrong). The NTA is now, on last estimate, $23, for a total value of $65.5m. The explanation for the value is here:

http://hotcopper.com.au/announcements.asp?id=466901

Of note, the PIGS group disputes that value. The price of PXUPA is now $7.50, implying a total value of about $22.5m or so. The distressed debt people could try and buy out this debt, and then go for the full face value themselves, I guess- similar to what happened with RPF. A hedge fund bought loads of PXUPa's @ an average of about $13, but was averaging down, too. Pretty much no-one's been a winner on PXUPA and few on PPX. This game is not over, though- it is, as Graham has put it, a prisoner's dilemma, but I'd say both prisoners are just hoping for better results from Paperlinx, and then neither has to betray the other to protect themselves.