boomeronrations ... the PDS for PXUPA states that if PPX is not...

boomeronrations ... the PDS for PXUPA states that if PPX is not paying their interest on the preference securities then:

(i) they can not pay a dividend on the fully paids, but also
(ii) they cannot reduce or buyback any share capital

In short, they must be paying these distributions if they have any intention of doing anything other than pay down debt.

MJS

NOTE: no holding in PPX or PXUPA, however IMO at current prices PXUPA seems to provide a much better balance of (high) risk and reward.