Would imagine the offer document is released today or tomorrow....

Would imagine the offer document is released today or tomorrow. They would want the offer to close before the PXUPA EGM. Firstly because Graham might gain suppurt at the EGM and more people will hold out for a better offer. And secondly because each PXUPA that converts then belongs to PPX who will use them to block Grahams resolution.

Blocking the resolution is a cleaner solution than a legal battle over whether the resolution is lawful, or using the over-riding PPX vote that says if it is harmful to PPX then they can block any vote.

I find the stratergy of PPX interesting. They definitely started the "us against them" mentality. Planting seeds. "5 minority shareholders", "agenda", talking about costs and turnaround, etc.

They also ticked off their legal response in a public way. We know exactly what their claim is when it comes to PXUPA and the constitution.

They managed to put their view on the constitution and the conversion in a way that has gained little media attention and not much scrutiny. Yet got their point across effectively. Ticked the boxes off early and now very silent.

They aren't pushing for the conversion. Not in our faces. Not doing a ring around for support. Either they don't care about the uptake or they know it's in the bag?

And they have effectively started a divide and concour campaign. Us against them. Whilst at the same time they manage to back away from it and let others do the dirty work.