what’s the difference between 800 & 1972?, page-38

Sharecall, I agree with the sentiments of your post. I reckon all this talk of what should be the swap ratio of PXUPA to PPX is a bit premature. Given the various interests I cannot see a deal being done anytime soon and I am relaxed about that. I would rather Andrew and the team focus on turning PPX around.

However I am curious why the Board is interested in a deal to the extent they hired Moelis and announced their interest in one. As Graham said they may be trying a low ball offer on but knowing the views of PIGS and with Coastal in the wings did they really think this would float?

I still wonder if there is something else involved that I for one am not aware of, such as an imminent offer the Board might consider? If so I will be very annoyed if they do not come clean and make us aware of it before trying a swap. As I said all cards should be on the table before any swap.