Sorry but you have got this completely wrong. Accounts are...

Sorry but you have got this completely wrong. Accounts are prepared under the "historical cost convention". this has nothing to do with what the business is worth or how much is attributable to different classes of shareholders. To figure out if there is any value left for PPX or PXUPA shareholders, you have to determine what will happen in the event of a break-up sale or an administration. in either case the answer is that there is no value in here for shareholders, whether PPX or PXUPA.

See my earlier post on the administration scenario. in a break-up scenario, if you assume EU and UK is worthless and will have to be given away, then all that is left is ANZA. Assuming that is worth about the same as Canada, ie 4x underlying EBIT = $72m, there isn't even enough break-up value to pay off the bank debt, let alone leave anything over for pension plans, secured creditors, etc. so NIL for ppx and pxupa.