Terms of PaperlinX SPSPaperlinX SPS are perpetual preferred...

Terms of PaperlinX SPS
PaperlinX SPS are perpetual preferred units in the PaperlinX SPS Trust with a face value of A$100 (?Face Value?). PaperlinX SPS are expected to pay ongoing unfranked, semi-annual, floating rate, discretionary and non-cumulative distributions calculated as a margin over the 180 day bank bill rate. The margin will be set by way of a bookbuild to be conducted on 6 March 2007. On 30 June 2012, PaperlinX may propose new terms for the PaperlinX SPS through a remarketing process or it may redeem, exchange (for PaperlinX ordinary shares at a 2.5% discount) or resell the PaperlinX SPS. The margin on any PaperlinX SPS that will remain on issue after 30 June 2012 will step up by 2.25% unless the remarketing process has been successful.

Wouldn't it be cheaper to step up on 30/6/12 rather than buy back now or 'propose new terms'? Also the shares have gone up 90% in the last little while and PXUPA are still close to their lows.

This doesn't suggest to me that a buy out is on the way. But I could be wrong.