If they can't become cashflow positive, then yes, the decline will continue.
As a previous holder of the hybrids, they really needed to have a cash component as well to get it over the line. Even $2 a hybrid as the SP will drop due to the amount of new shares.
Hybrids holders have the company at gun point should they so wish.
Ann: Proposed Restructure of the Paperlinx SPS Trust-PXU,SRS, page-7
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