pretty clear message , page-3

Price says: “There is no hurry and the timing is up to us – keeping this structure has no real effect on the business.” “Maybe we will come back in a few years after executing our 2020 vision and the equity will be at $1bn and they will only have 25 per cent – as our business becomes stronger, they will be entitled to less,”.

This argument is illogical. As I've stated before, the more the company is worth, the more PXUPA will be worth. A few years ago this ploy might have worked but not since the register has been replaced with more savvy investors. There is a few ludicrous comments from Mr Price in this article. You have to wonder if he blinded by thoughts of how much his options will be worth. As Graham alluded to - he wont make any money on these unless 1) A miracle happens or 2) he screws over PXU holders. Once the offer closes I will post the math behind this