Because you are forcing at 100% ratio. Their FULL entitlement....

Because you are forcing at 100% ratio. Their FULL entitlement. It's only after they accept that you dilute them via selective choice of conversion and rights issue dates.

This was actually similar to the BBI/Beppa situation. Basically BBI got a 4c "return of capital" but they got it a few days before BEPPA holders became BBI holders. Meaning BEPPA didn't get the 4c.

One thing PIGS haven't addressed is the 15% share issue rule. Even if PPX (management) agree to convert PXUPA at face value $100, it requires a vote of PPX holders. So you need to please PPX holders too. Or it just wont happen.

This is why in the BBI/BEPPA case they found a way to "give" BBI holders something to get their approval for BEPPA conversion and BEPPA were willing to accept a haircut to get something rather than nothing.

Very similar here. If PXUPA convert at full $100 then sp will fall. That is a given. PPX holders will not approve it imo. Some would rather roll the dice. Maybe if things turn for the worse they will accept it. But that time has not come yet.