Reading through the RE's recent releases, one can speculate on...

Reading through the RE's recent releases, one can speculate on the proposal.

I'll summarise what I THINK the offer MIGHT be, but in terms that even a layman can understand:

"Dear Hybrid Holder,

Please find enclosed our generous offer to convert your Preference shares into Ordinaries.

You will note that we have valued the Hybrids at $12. This is entirely consistent with the valuation method (market value) determined by your Responsible Entity.

Our offer represents a premium of 71.4% to the RE's determination at the most recent year end, and is an excellent outcome considering the challenges that have confronted the company in recent years.

This offer is a first - and not because we've conveniently assumed a "somewhat efficient market pricing" should apply to the valuation of a company such as PaperlinX.

No, no, no. It's a first because, being a leader in Creative Printing Solutions, our offer comes to you printed on 10 gsm 2-ply tissue paper on a roll. So please vote by making your mark and return to the address shown by the due date.

We commend this offer."