from the Sydney Morning Herald: "Paperlinx lawyers have say the...

from the Sydney Morning Herald:
"Paperlinx lawyers have say the financial statements don't state that the company acquired or reduced its share capital. The purchase of the shares was conducted by an independent trustee company and the company is not the beneficial or legal owner of the shares, the lawyers said. The letter also claims that remuneration of key employees through share transfers does not constitute a breach of the terms."
"Blue Pacific continues to believe the buybacks that occurred had an anti-dilutive effect to ordinary shareholders, which is directly beneficial to ordinary shareholders and not beneficial to [hybrid holders] using consideration ultimately provided by Paperlinx," a spokesperson for the hedge fund told Fairfax Media. "That said, Blue Pacific will happily retract our claim if clear evidence is made available to us that a breach has not occurred."