Just doing the math with the closing prices today ($8.386 for the new Pace shares, $6.89 for PVX, and your quoted $7.55 for PVX as of yesterday; all prices in US$), I'd end up with 5.6% more new shares if I were to accept the Pace, sell near the close and buy more PVX. Strictly speaking, hindsight has shown that, as of this moment, taking the new shares and then swapping them for more PVX would have been a slightly better deal. So you might want to cut those who didn't do as you did, for whatever reason, a bit of slack.
I accepted the shares, mainly because I tend to move slowly, and I'm curious as to how things will play out. I'll admit that I didn't know that it would be more beneficial in advance, and I understand that price changes tomorrow may slap me silly. As I'm a happy collector of PVX shares, I'd also say that your move to lock in a bunch of new shares gets an approving nod; it just may not be optimal, or suit everyone's circumstances or nature. I'm going to hold the Pace holding for a bit, and see what plays out, both in value of their underlying holdings and the ability of the new smaller PVX to continue to churn out those lovely loony cents.
Time will tell me what I really want to do, but as of now, I'd say any and all holders of PVX were winners in this deal.