I agree that there is some agenda at play that is not...

I agree that there is some agenda at play that is not immediately evident.

What I do not quite understand is that until ALL of the PXUPA are retired, PPX cannot pay a dividend, buy back shares, and will be restrained from raising equity or debt capital.

So, the turnaround could be miraculous, but it won't be much use to the PPX holders whilst ever there are any PXUPA outstanding (except if PPX pays distributions on those PXUPA).

Sure, 25% would enable PPX to block the PIGS resolution, but that is only one issue among many.