I hold both PPX and PXUPA. I agree largely with what Graham has...

I hold both PPX and PXUPA. I agree largely with what Graham has written. Most PXUPA holders are unlikely to accept what is suggested here. On the other hand at present PPX shareholders (and the Board) are currently under no pressure to do a deal with the PXUPA shareholders on a basis likely to be satisfactory to Graham and the PIGS group.

Therefore, provided management are turning the ship around, it is best for both PIGS and PXUPA to sit tight until profitability is greatly enhanced. In the meantime I see no reason why the Board could not buy some PXUPA on market ONCE they feel confident of the cash situation. That would be beneficial to both PPX and remaining PXUPA holders as it reduces long term debt. I benefited in a similar fashion when the then Kinghorn run RHG (he was chairman) stopped paying dividends and bought shares on market well below asset backing. It pushed up the asset backing for the remaining shareholders who then rebelled when Kinghorn tried to effectively buy the remaining shares below asset backing. Kinghorn announced he was not selling his shares but threatened to delist RHG after the buyback. We were helped by WAM and Cadence.