Graham my comment is based on the Fact that the share price of...

Graham my comment is based on the Fact that the share price of the Hybrids has been in a range multiples below the $100 face value or the value the trustee places on the Hybrids for months , possible years .

The current face value of the Hybrids that the appointed trustee comes up with at 30/6 , you would assume will be lower again .

As you know graham the market has had plenty of time to digest the Hybrids argument and despite PIGS and some of their committee members valuations the hybrids trade at $8 , or in a range of between 100-150 times the PPX share price

This is not being influenced by anything but the market , and it has been this way for months and months on end

The PIGS committee , who do not represent the hybrids as a whole other than in a self appointed manner , offered 8 options

In my opinion only 2 had any merit

a Staged conversion

I think an offer of 100-125 shares in PPX to hybrids on a non compulsory offer would be a step forward , for those who think the market valuation is incorrect , fine , reject the offer , for those that accept the market values are correct take up the offer , and each person that does will enhance the PPX balance sheet and benefit

b Do nothing

This option allows PPX to improve its financial performance without the cost of having to pay any interest to note holders until it can afford to

This board inherited this problem , and has an obligation to fix the business , and Graham before you dismiss this , remember you were the one yelling along side Mr Price that Mr Boon , Mr Marchant , and the old board had to go .

I give you and the current board the credit from saving PPX and PXUPA by eliminating the Socrates style leaders of PPX from calling the companies own demise

But one shouldn't act like Herod did with Ceaser , and shoot the one we supported to assist us

A return to profitability is possible and was suggested as early as 2014/15 with this board if given the time .

To have Mr Price travel across the other side of the world in to British waters , and continental Europe , and piece by piece rid the company of internal politics , excess and give the empire a greater direction is worth waiting for

Yes the hybrid holders need to be granted consideration but not at the expense of the plans of this board in its very early days, I think your option of a staged conversion has merit and I voted for that , but beyond that option I think the only other one with any merit is the last option , and that is do nothing and simply try fix the business and the rest will follow in the right time .

I disclose I hold Hybrids at a high as $1045 , and as low as 7.80 with an average price of about $10 , and shares at prices as high as $2.87 , and as low as 5.2c at an average price of about 11c

On the basis I only got 125 shares for each hybrid I would be behind , but i think it would be a good thing to at least have the option to consider , at the moment my hybrids only have 2 options , sell at $8 or wait for better or worse days