re: Ann: 2009 Preliminary Final Report and Pr... Reported on...

re: Ann: 2009 Preliminary Final Report and Pr... Reported on Forbes.com

PaperlinX advised investors that the company has been hit hard by the financial crisis, and that its bankers are refusing to pay dividends on ordinary shares, until there are two successive PaperlinX step-up preference securities distributions paid. This forms part of an agreement between the company and its bankers, which sets out new covenants for financing packages.

Chief executive Tom Park was unable to provide a timeframe on when ordinary dividends may reappear. Page 19.

I love how unreliable these reports are. Apparently the bankers are concerned about the resumption of PXUPA distributions ???? Nothing to do with the legal documentation. They have managed to get the exact opposite of the real story as the bankers have stopped the PXUPA distributions. With the low levels of debt hopefully pxupa will get paid this half and the price should rocket.