Don't be surprised if they actually want to convert. It's a...

Don't be surprised if they actually want to convert. It's a decent foot in the door. 14% PXUPA would convert into about 7.5% PPX assuming ALL PXUPA converted. Considering many wont convert, it is highly likely that Coastal would come out of it with more than 10% PPX. 20% gives you a gauranteed board seat. 10% with a few others would basically do the same. Also allows them to call an EGM at anytime. They might effect change from within PPX instead of from the outside PXUPA.

I can't see many other logical reasons to buy onmarket as the PXUPA price will likely retreat to below $10 again once the offer is closed.

It could be to secure the upcoming vote at the PXUPA EGM but that now looks redundent as PPX basically have ultimate control. Though a convincing YES vote from holders might look good in any legal or media argument against the PPX NO vote.

The developments will be interesting.