If Paperlinx ever returns to profitability, PXUPA holders won't accept pennies in the dollar for their securities. And even pre GFC, annual EBIT was < $200MM, so Paperlinx won't be taking out $285MM in hybrids anytime soon.
I am looking at PXUPA as an inexpensive call option on the eventual recovery of Paperlinx. I am not interested in low ball offers or conversion at anything other than the ratio published in the PDS. For me, it's $100 or bust.
SRS Price at posting:
4.9¢ Sentiment: Hold Disclosure: Held
