Under the Paperlinx SPS Terms there are three ways for PPX to...

Under the Paperlinx SPS Terms there are three ways for PPX to realise the SPS Trust – redeem for Cash, sell to a third party and Exchange Ordinary Shares for units.

The latter requires an Exchange of ordinary shared based on a 2.5% discount to PPX VWAP and $100 per unit value to PPX holders.

Seems like there is now a fourth – exchange ordinary shares based on $14 per unit value. I hope the offer document fully discloses why this exchange route is being used rather than the one in the SPS Terms.

This seems like it is out of the play book of the opportunists who used to prey on the old and vulnerable offering cents in the dollar for shares they could have sold on the exchange. ASIC shut them down years ago and they should shut this one down as well.

If PPX board is so keen to get rid of PXUPA holders why don’t they just do it according to the rules?