Hi Boomeronrations The problem with that analysis is that it...

Hi Boomeronrations

The problem with that analysis is that it assumes PPX will get to a position of sustained increased profitability.

That's unlikely.

The scenario I would rather have played as a hybrid holder would be to take some haircut to convert into equity, recognising that the combined group would almost certainly have got a re-rating by getting the hybrid debt off its back. Then let Price talk the talk, maybe do a deal or be taken over, and get your money out that way.

The route you have chosen condemns PPX to slow death by irrelevance, and probably does exactly the same to the hybrids.