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PaperlinX SPS Trust

About SPS Trust

The issuer of SPS Trust is The Trust Company (RE Services) Limited (previously known as Permanent Investment Management Limited).

The Trust Company (RE Services) Limited

Level 12, 123 Pitt Street

Sydney, NSW 2000, AUSTRALIA

Phone: (02) 9299 2000 /  Fax: (02) 8256 1473

Download a copy of the PaperlinX SPS Trust Constitution.

The Trust Company, now part of Perpetual Limited, announced changes to its board of directors and Company Secretary in February & March 2014.

PaperlinX Limited (PPX) changed its name and ASX code to Spicers Limited (SRS) on 17 November 2015. The legal name for the PaperlinX SPS Trust and its ASX ticker code (PXUPA) remains unchanged. 

Key features of PaperlinX SPS Trust are outlined below, or alternatively download the Product Disclosure Statement.

Key Features of PaperlinX SPS Trust


PaperlinX SPS are perpetual, preferred units in the PaperlinX SPS Trust.

Face Value



Unfranked, semi-annual, floating rate, discretionary and non-cumulative.

Distribution Rate

180 day Bank Bill Swap Rate + Margin

Initial Margin

2.40% per annum

Dividend Restriction

A Dividend Restriction will apply to Spicers Limited (formerly PaperlinX Limited) if PaperlinX SPS Distributions are not paid.


The Issuer can initiate a process to adjust the Margin and other terms on a Remarketing Date.

First Remarketing Date

30 June 2012

Step-up Margin

Margin plus 2.25%


Realisation of PaperlinX SPS may be by any one or more of the following:

  • Redemption (for cash);
  • Exchange (for Spicers Limited Ordinary Shares); or
  • Resale (for cash).

Holder Realisation Rights

Holders may request Realisation of PaperlinX SPS following a Change of Control Event, but in no other circumstances.

Holder Preference Share Exchange Right

Spicers Limited must exchange the PaperlinX SPS for Preference Shares in Spicers Limited if:

  • a Spicers Breach of Undertakings Event occurs (including breach of the Dividend Restriction); or
  • a Spicers Winding Up Event occurs.

A Spicers Preference Share issued on a Spicers Breach of Undertakings Event is immediately redeemable at the option of the Holder.

Spicers' Realisation Rights

Spicers may cause the Issuer to Realise PaperlinX SPS in the following circumstances:

  • on a Periodic Remarketing Date (irrespective of whether a Remarketing process has taken place);
  • on any Distribution Payment Date if the Step-up Margin applies;
  • following an Acquisition Event;
  • following an RE Removal Event or a Trust Winding Up Event;
  • following a Tax Event, Regulatory Event or Accounting Event;and
  • if the aggregate Face Value of PaperlinX SPS on issue is less than $50 million.

Credit Rating

Unrated. However, Spicers may initiate a Credit Rating Remarketing after obtaining a credit rating. The Remarketing Margin applying after the Credit Rating Remarketing must not be less than the current Margin.

Holder Participation in Takeover Premium

On Realisation following a Change of Control Event or Acquisition Event, Holders will participate in a portion of any bid premium paid for Spicers Ordinary Shares.


On exchange into Spicers Preference Shares, Holders will rank ahead of Spicers Ordinary Shareholders but behind all creditors of Spicers.

ASX Trading Code

PaperlinX SPS trade as PXUPA.


See Section 1.9 and Section 6.

Not a direct investment in Spicers Limited (formerly PaperlinX Limited)

An investment in PaperlinX SPS is not an investment directly in Spicers Limited (formerly PaperlinX Limited). Spicers does not guarantee the payment of Distributions on PaperlinX SPS or their capital value and/or performance as an investment.

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