Talk about sell pressure this one has been under serious...

Talk about sell pressure this one has been under serious assault. Seemed to find some support, but down at $18 it is definitely basement support.

Seems like all the talk around the tassie operations is having a massive impact, talk of a 150M shut down liability. The gearing is now pretty low though, so I don't think the risk of the company failing is very high.

I guess a hybrid not paying divs is not that attractive but at under $20 I think it is a great capital play. I think the ords are a very risky play given that 2010 is likely to be pretty dour.

If the divs are restored, which is a distinct possibility in the next 12 months, you are looking at 30% yield.

Hold PXUPA.