Maybe someone can help if I have incorrect terminology, or a...

Maybe someone can help if I have incorrect terminology, or a mis-understanding. I am just thinking out loud trying to help the earlier poster.

PXUPA are Bond Holders who lent Paperlinx (now Spicers) money a long time ago.

Spicers do not have to pay PXUPA holders a regular dividend.

Should Spicers make money and want to pay a dividend PXUPA holders must get paid before Ordinary shareholders of SRS receive any money.

PXUPA 'Preference Shares' are higher ranking than Ordinary SRS Shares in the event of a liquidation.

PXUPA shares are administered by a Trustee.

The Paperlinx SPS Trust deed is dated 7th Feb, 2007 - the share price of Paperlinx was about $3.00 at that time.

I presume PXUPA shares do not have voting rights at SRS Meetings.

Did I miss anything?

Regards,

Dan