Paperlinx to clear up capital

Paper merchant makes offer to improve its terms of trade.

Paperlinx (PPX), the embattled paper merchant, is offering holders of its hybrid securities a 54% stake in the company as it tries to clear up a messy capital structure that has prevented restructuring.

The company says it will offer 250 Paperlinx ordinary shares for each hybrid security. This, it says, implies a price of about $14 per hybrid.

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