I think that is where the PXUPA loses negotiating power. It is...

I think that is where the PXUPA loses negotiating power. It is obvious they are concerned at continued loss of equity. If PXUPA hold out for longer they may get nothing. So compromise is likely imo. To what degree is the unknown.

Constitutionally, I don't think PXUPA can stop a cap raising. They can only stop dividends. But their existence definitely makes raising fresh capital a hard sell. Because you have possible full conversion hanging over your head. That would scare anyone away.

But their is absolutely no benefit to balance sheet or PPX to convert fully. It would be like raising $285mil @6c. So the sp wouldn't rise. It only has potential to rise if it is converted at a discount to face value.