sp up 10%, page-10

No problem Kpool, but don't waste your time with the reports, you won't find what you're looking for (believe me, I've tried).

The information you want is in the PaperlinX SPS Terms, an 88 page document prepared by Mallesons and written in very annoying Legalese.

The important part starts on page 57. If the PaperlinX SPS are redeemed, and PaperlinX doesn't have the $100 cash (per PXUPA), and can't resell them to a third party for at least $100, it must issue PaperlinX ordinary shares at the ratio of $100 divided by the VWAP of PPX for the 20 days immediately preceding the realisation date, discounted by 2.5%. This is all in section 10.3 of Schedule 1 (page 60).

So, if the VWAP was $0.10, you'd apply a 2.5% discount, and get issued with $100/$0.0975 = 1025.6 PPX shares for every 1 PXUPA you hold. PaperlinX can also elect to pay some of the $100 in cash, which would reduce the number of shares issued.

Can point you to the document if needed.