hastie ppx parallels, page-17

Looked at the PXUPA PDS.

The key words included in clause 1.4 are

"However, if a Distribution is not paid in full, Paperlinx will be prohibited from paying dividends or making any other distribution on any class of its share capital or reducing pr buying back any share capital."

The question then arises - Are PXUPAs regarded as part of PPXs share capital? I have assumed they are not but rather a form of debt. But is that strictly correct? The PDS does not appear to make that clear though they can be converted into share capital.