The latest PXUPA Accounts now confirm that $94k has spent in legal fees defending the Breach caused by PaperlinX buying back its shares for the Executive Share Incentive Plan.
This Breach triggers the automatic conversion of the hybrids into PaperlinX preference shares - resolving the flawed capital structure, 'wiping' out the ordinary shareholders, and saving the company approximately $1m in unnecessary fees for the RE, registry, and 30,000 unmarketable shareholdings.
Over a two year period, PaperlinX spent $400K in buying its own shares - in direct breach of Clause 4 of the SPS Terms.
**y Berger. Founding Convenor PIGS (PXUPA Investor Group Supporters)
SRS Price at posting:
2.5¢ Sentiment: None Disclosure: Held
