Don't think there is any doubt re the PXUPA clause insertion. Pity they did not put the same effort in to increasing profit on revenue by the 0.4% needed to pay PXUPA holders.
Reset date in July will probably see the 2.25% added but not much use if not being paid. July 2014 will come quick enough and at $20 current PXUPA price will potentially proivide up to 50% return p.a. Alternative in the meantime is a buy back or take over, both at $$$ well above $20. Worth a wait IMHO.
PXUPA deferral means no divis for PPX until at best July 2015 but hoping for SP improvement in lieu.
Time to see what Mr Price can do.
SRS Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
