price slide, page-56

Excellent post NathanBlack.

Certainly puts everything clearly for both PPX and PXU holders to see.

If we accept your option 1) as the "do nothing" approach (which I hope does not eventuate), then options 2) and 3) are those that result from PPX action - something which IMHO MUST be undertaken to avoid option 1).

I would prefer a cash offer (your option 3) at say $60 or a demonstrated reasonable price to get the deal done. As you say, both parties need to give up something.

If less than $60/PXU, I would need to consider the conversion (your option 2), and agree, based on the BBI/Beppa experience would probably lead to a consolidation.

Agree that in any scenario you are better holding PXUs.