Exactly 21days after the notice was received and meeting set for...

Exactly 21days after the notice was received and meeting set for Dec 2 as expected.

"The Constitution also provides that members may not exercise their rights under the Constitution to vary the Constitution in a manner in which PaperlinX ,as the ordinary unitholder, reasonably considers,and notifies The Trust Company, may adversely affect its interests without its consent. "

"As the Resolution seeks to vary the rights attaching to both the PaperlinX step - up preference securities (SPS) and the ordinary unit in the Trust, the amendment proposed by the Resolution can only take effect if it is also approved by a special resolution of SPS holders and PaperlinX Limited as holder of the ordinary unit in the Trust in separate class meetings. These 2 additional class meetings will be held immediately prior to the General Meeting"

You're right. The ball is firmly in PPX court as they outlined on 18th October and only a legal challenge will change that. Personally I'd be asking for an ASIC representative to attend and be paying a lawyer to attend.

Legally PPX are right. We signed away our rights. But Graham has case law and precedent on his side in it is unjust to sign away a fundamental right under corporations law.

It's just a matter of how far people want to take it. How much it will cost. And how long it will take.

The 54% dilution and therefor the conversion rate was carefully considered. If everyone accepts then their is a change of control event which is mandatory trigger event for full conversion at face value.

But if everyone converts at $14 then nobody is left to convert at face value under that clause. And if only a trivial amount convert it will not trigger a change of control so the remaining hybrids cant force full conversion.

Definitely a chess game.