There is only one fly in the ointment with the takeover...

There is only one fly in the ointment with the takeover scenario--I cannot recall if the PXUPAs are redeemed on a takeover--if they are, then I would imagine it would be done by scheme of arrangement where PXUPA holders were offered something far less than $100 and faced with a 'bad' future, were steamrollered into accepting.

Another scenario is where someone obtains control over time by creeping from 20%. Such a person might just stop paying the distributions particularly when remarked upwards and with no intention of paying a dividend on the ordinaries, there is no incentive to pay PXUPA distributions.But with the dividend lock this doesn't really get the acquirer holding ordinaries anywhere.

But hope springs eternal at PPX HQ I am sure. If the company has any future, it will have to recommmence dividends on the ordinaries and as soon as profitability returns. Without dividends, even 0.5 cents per annum (about 3.5% yield) it's just a stock with no future at all and just waiting for liquidation. A dividend signals a future and this is what the company badly needs to do profitability permitting. And to pay dividends requires PXUPA distributions.

IMO they have paid the PXUPA distributions to set themselves up to pay a dividend; if they stop paying now, then it's like going down a snake on Snakes and Ladders with the prior distributions just wasted.

If the Board had any brains what they should be doing is having a discounted rights issue on the ordinaries to retire more bank debt and buying PXUPA back on market at 29c/$.