Ann: PPX: Bidder's Statement - Off Market Tak, page-9

re: Ann: PXU: PPX: Bidder's Statement - O... They are not excluded; they just cannot receive PPX as consideration. Their notional PPX shares will be sold and they will get cash:

"PaperlinX SPS Unitholders should note that the consideration under the Offer is PaperlinX Shares.
PaperlinX SPS Unitholders whose address in PaperlinX SPS Trust's register of unitholders is not in
Australia or its external territories or New Zealand will not be entitled to receive PaperlinX Shares on
acceptance of the Offer (unless PaperlinX determines otherwise). Ineligible Foreign Unitholders who
accept the Offer will be paid net sale proceeds as a cash amount calculated in accordance with Section
9.20 of this Bidder's Statement."

Which is all academic as no monkey is going to accept 250:1 where the scrip is effectively junk.