Kommi,You have it nailed in terms of negotiation except not too...

Kommi,

You have it nailed in terms of negotiation except not too sure on the PPX $82.5 mill:

Total equity to ordinary shareholders $85.2m
PXUPA equity at $276.5m (or $285 mill as per GrahamCC points out)

Interestingly, the above is driven by ~ $1 bill of numbers which in IMHO are somewhat subjective, including:

> Non-current Intangible assets $78.8 which (from Note 20) includes $66.1 mill of goodwill....hmmmm.

> Trade and other receivables at $601.9 - might be the book number but it can not always be realised.

> Inventories at $302.3 assumes (if I recall correctly) "retail" prices rather than liquidation prices...so potentially not a "real" number.

In summary, as any decrease to the above numbers come off PPX first, the $82.5 mill equity position for PPX holders may be considered as being on the high side.

In considering negotiations, it would depend on the reason(s) for PPX wanting to negotiate plus any timing restrictions they may have. Note major loans not due until 2015 if I recall correctly.

Having said that I hope PPX does show a profit in 2014 as it will certainly be a boost for all.

PXUPA only