**y has written that he will not accept anything less than the...

**y has written that he will not accept anything less than the ratio of ordinary equity to hybrid equity as shown on the PPX balance sheet.

Based on the FY14 account, this ratio is $254.8 / $58.5m or 4.35x

With the PPX market cap around $32.6m, this implies a value of $141.8m to the hybrids.

Or the per share value of PXUPA to be 141.8/(2.85*92.15%) = $54 per hybrid

So at prices of $15.10, thats an investment at 28c in the $

he owns 145k hybrids or about $2.2m worth, which appears to be around one-third of his $6m equity fund.

Seems like he has alot of conviction that this will work out a wonderful investment for the hybrid holders - on the assumption that the hybrid is (at least) treated like equity.