Blue Pacific - lodges breach notification, page-5

extremely surprising that "no trading halt" - given the seriousness of the (potential) outcome.......

under the PDS

during any period in which no distributions have been paid on the PXUPA units, PPX is not supposed to
"Clause 4(d) specifies that PaperlinX must not redeem, reduce, cancel, buy-back or acquire for any consideration any share capital of PaperlinX, if, pursuant to Clause 4(a), a Distribution has not been paid in full for any reason within 5 Business Days of the Relevant Distribution Payment Date".......

a redeemable preference share in the head company is required to be issued, should the Responsible Entity deem the above clause has been breached.

this preff share is redeemable at the holders option for face value " at any time at the option of the holder" ........

I wonder "how long" the Responsible Entity (Trust Company was acquired by Perpetual in late 2013) has to respond ........I would expect 3 business days ?

this has implications for the directors of PaperlinX.

rgds
V_H