this should be quick, page-11

Hi Sharecall

This $276m of value you talk about has gone. Long gone. Spent, sunk, lost.

Even your Responsible Entity doesn"t value PXUPA on that basis anymore.

Also, any deal put to PXUPA will presumably need PPX shareholder approval too. Can"t see them giving more than 50% away when the alternative is to leave PXUPA holders whistling in the wind indefinitely.

A packed, leaky lifeboat in a stormy sea is still a better option than the first class bar on the Titanic !