No I have my ANO--it goes something like this.
PPLs are dangerous in the circuit at any altitude. Whether in my Airbus or a C152 i am scared and I take as many precautions as possible to avoid encounters including non- folk lore patterns if required. (I like PPLs on the ground and in the bar, they are quite safe then)
To be more serious it sounds like the ANO is saying if you join at 500 feet you have right of way over everyone except those established on finals. I like it!