Speaking of an "absurd assumption", how about the one about the...

Speaking of an "absurd assumption", how about the one about the PXUPAs having a "capped" value of $100?

Have a look at the PDS; it does not refer to a cap anywhere.

What it does do repeatedly is describe PXUPA as having a face value, subscription value and redemption value of $100.

For example on page 63 "The amount payable upon a redemption of a PaperLinx Preference Share is $100 plus an amount equal to the unpaid amount (if any) of the [accrued unpaid distributions]".

It may be that in the market, the value of a PXUPA will never be more than $100 plus accrued distributions.

The problem PPX holders have is that until PXUPA is taken out, PPX cannot raise equity, pay dividends, return capital and have real difficulty raising debt.