IMO,and I do not hold either PPX or PXUPA, but have been...

IMO,and I do not hold either PPX or PXUPA, but have been involved in plenty of hybrids in the past and yes I know there are huge differences in terms etc.

To the posters saying well you didnt pay $100, who cares. Taking advantage of a "anomoly in markets" is what pretty much every value investor does.

The arguement really revolves around the entity not what the buyer/sellers intention is.

To my mind PPX would like to do a a cap raising to restructure, that can not be done until PXUPA are out of the way no investor would invest in PPX with PXUPA hanging over the top. The offer to PXUPA is laughable and if I held I would not consider anything near that ratio whether I paid $100 or $10.