Hard to know whether Price and Co are talking up the ords to try...

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 ?