"In consdiering the PPX position, surely paying dividends would...

"In consdiering the PPX position, surely paying dividends would have a positive impact on PPX SP!"

This statement is true in isolation, however it completely ignores the reality of the situation that PPX scrip holders and management face themselves in.

They have a business that is slowly hemorrhaging due to the change globally to their sector...and whilst bond holders are publicly stating that I am fine, I will just await a change of control or adminstration, there is plenty of space between this rock and a very hard place.....the business in not breaching debt covenants or losing money hand over fist and hence management will think and in the interest of self preservation tell the market we can trade out of here....it will require austerity and substantial expenditure cuts ($250m worth of notes that dont need to be paid will certainly sit at the back of that queue...and maybe, just maybe we will be in a position to start making dividend payments in 3 years time.

In the meantime, what happens to the market value of PXU? Institutional income investors desert the ship long ago, and other smart money takes the loss in favour of not extending their opportunity cost and where does that leave the SP?

Anyway Blue234, as you mentioned, our views are a long way apart on this and you dont need me in your ear kicking you when you are down.

I made a lot of money with the BBI/BEPPA situation and was looking at this disaster as another shot at it...however my research over the last few days tells me I should move on.

I wish you and the other holders all the best with your holding, and hope they return 100% face value to bond holders.

Kiril.