I'm not sure how GCC will find out who sold and purchased the 32...

I'm not sure how GCC will find out who sold and purchased the 32 million shares at 5 cents, but it will be interesting. I don't think it will be anyone with special knowledge as that would be inside trading

At this point, you would have to say the risk of PPX has jumped a few notches over the past week. So it is prudent to reduce exposure.

Also the level of exchange rate is not helping. It maybe 12 month away before genuine profits are recorded. Until then the downside risk is still substantial.

Separate from that, I for one would have no interest in redeeming my hybrids for ord shares unless the equivalent of $100 is paid - maybe 20% discount.
Anyway I don't believe Paperlinx would put any offer to PXUPA holders until after a set of up to date financials are given. Otherwise it is a form of insider trader with Paperlinx being the perpetrator. Also I don't believe Paperlinx will make such an offer until profit has returned or imminent.