My understanding is that in case of a breach of undertakings the SPS are immediately converted to preference shares of Spicers and become redeemable at the option of the holder. Don't think a vote is needed but Spicers has the option of realisation method (cash, shares or resale).
I believe 25% is required to make changes to the trust deed and terms and I don't think they have enough to block voting of units as Coastal and other have more than 25% when I last looked. However Spicers have the only ordinary unit of the trust which has blocked any challenges in the past.
I am hopeful that there are some discussions behind the scenes and that we will hear on how management intend to resolve the standoff.
PXU Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
