I would not characterize 8 years as 'a long time ago'. PXUPA are...

I would not characterize 8 years as 'a long time ago'.

PXUPA are not bonds - they are preferred units in the Paperlinx SPS trust.

From the 22/2/2007 ASX announcement, 'PaperlinX SPS are expected to pay ongoing unfranked, semi-annual, floating rate, discretionary and non-cumulative distributions'. So you are correct, Spicers has a discretion not to pay distributions. However, if distributions are not paid, then dividends on ordinary shares cannot be paid until Spicers has paid 12 months of PXUPA distributions. (Also, share capital cannot be canceled or bought back while teh dividend restriction is in place).

As you rightly surmise, PXUPA do not have voting rights.

If you do not already have a copy of the PDS, you should obtain a copy. There are all kinds of wrinkles in there ...