I agree with Firsova, but as I have written earlier, I believe...

I agree with Firsova, but as I have written earlier, I believe there is more to this.

I understand how PIGS have come up with their conversion formula but as Firsova argues it won't fly as presented. It gives control of PPX to PXUPA holders and does not directly solve PPXs capital constraints. Are PIGS, and possibly Coastal, simply wanting to get control so they can flog off PPX quickly and cash out?

If a deal which involves a simultaneous CR which retains control of PPX in the hands of existing shareholders while buying out and/ or giving PXUPAs a reasonable swap might work but I suspect it won't fly until it is clear PPX has turned the corner.