Hard to know whether Price and Co are talking up the ords to try to bump up the takeover price ( or the split with PXUPA ) or whether they can really turn the business round.
The biggest risk for PXUPA holders is that they get sidelined for a number of years. Of course that means PPX shareholders don't get a dividend either.
Long run, the capital structure is totally inappropriate for a business struggling to make any profit at all. I continue to believe a bid is the best solution.
One question I pose - if PPX is so cheap, why doesn't he find a private equity backer to bid for it himself ?
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