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207 Posts.
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07/01/16
07:25
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Maybe someone can help if I have incorrect terminology, or a mis-understanding. I am just thinking out loud trying to help the earlier poster.
PXUPA are Bond Holders who lent Paperlinx (now Spicers) money a long time ago.
Spicers do not have to pay PXUPA holders a regular dividend.
Should Spicers make money and want to pay a dividend PXUPA holders must get paid before Ordinary shareholders of SRS receive any money.
PXUPA 'Preference Shares' are higher ranking than Ordinary SRS Shares in the event of a liquidation.
PXUPA shares are administered by a Trustee.
The Paperlinx SPS Trust deed is dated 7th Feb, 2007 - the share price of Paperlinx was about $3.00 at that time.
I presume PXUPA shares do not have voting rights at SRS Meetings.
Did I miss anything?
Regards,
Dan
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