If they couldn't get a good price for their better Canadian...

If they couldn't get a good price for their better Canadian asset, then I believe they're going to get far less than the stated book value for the European one.

It also pays to remember what Andrew Price stated - that PaperlinX exists for its ordinary shareholders. Therefore they'll continue to muddle on regardless of how much preference shareholder "equity" is eaten into.

Given that I thought Price was the only person likely to turn around the fortunes of the company, and given the heavily qualified Going Concern statement (sect. 2d) to the PXUPA accounts (signed off 2 months after the December balance date) - and their "valuation" being the share price at balance date i.e. they still haven't got the foggiest idea how to value this mess - then my selling out at this stage of both the ordinaries and prefs was the only course of action with which I felt comfortable.