can sps trust be forced to buy out pxupa's? , page-3

Heya, boomer. This clause that I pasted:

PaperlinX's Realisation Rights


PaperlinX may cause the Issuer to Realise PaperlinX SPS in the following circumstances:

... if the aggregate Face Value of PaperlinX SPS on issue is less than $50 million.

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... would have been made because it would have been unthinkable at the time (2007) that the "aggregate face value" could ever reach a low point of $17.50/$50m. To me, market cap/market value = face value.

What do you think "aggregate face value" might mean if it does not mean market cap? It is there in black and white, from my reading.

Section 7.4(h) of the Prospectus, relates to the clause of realisation by the Issuer (page 79), and says that notice by Paperlinx, to the issuer can occur at any time when the face value is less than $500m- with no notice needing to be given.

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If the above is correct ie a trigger for realisation, I am interested in how that relates to "redemption" ie what's it worth to PXUPA holders.

Cheers, boomer. Anyone else got an opinion? Graham? You know this stuff inside and out- am I on the money, or is it back to the drawing board?