Have to disagree with the concept of "fair valuation...

Have to disagree with the concept of "fair valuation methodology" being based on "market values".

The PaperlinX situation is highly uncertain and opaque, and the ultimate outcome could vary greatly depending on which course of action Andrew Price takes, and indeed, on the negotiating position the well-organised hybrid holders ultimately achieve. Some of these larger hybrid holders (rightly or wrongly) won't be having a bar of any theoretical market pricing as a basis for valuation.

Also, there are no natural buyers of the hybrid (i.e. yield seekers), and the PPX pricing is purely speculative with few players.

So I doubt very, very much that we are seeing anything like an efficient market in the securities of this company, as we rapidly approach an inflexion point which could result in any number of indeterminate outcomes.

[PXUPA only]