Dentie's point is that PEB's tax losses are worth around $30m as you point out - if that can be realised via some tax efficient structure sale to a profitable company, that will get rid of the need to do a CR.
Makes a whole heap of sense except that all the tax loopholes to utilse tax losses have been closed. I can recall the good old days of preference shares, and the 50/50 split of the tax avoided by the profitable company.