Austted - I recognise, and stated, the Change of Control aspect was not dealt with and know my numbers were rough and could be done with exactitude, however the thrust is surely absolutely correct - the PPX in total are way over valued and the equity component of the company overwhelmingly belongs to the PXUPA. The PPX need to have the PXUPA dealt with sooner rather than later, and I suspect before the half-year numbers surface.
As for buy-back, I would agree the interpretation that PXUPA are not share capital. More salient is what the market price of PXUPA becomes when it is known there is an on-market buy up under way of PXUPA, as well as the certainty needed to deal with all of them. Not sure that really is a viable solution, unless the on-market price was announced and compelling in the circumstances.
A question to yourself and the thread - where would the money for a buyback come from? Are not certain assets, eg the European, secured to the PXUPA? As you say, the US and Australian assets may be available.
Add to My Watchlist
What is My Watchlist?