Paperlinx has accused a "minority group" of investor critics of disrupting the company and impeding its recovery.

Paperlinx also said it would block plans by the group of hybrid security holders to change the hybrid constitution.

The current constitution allows Paperlinx to decide how the securities are realised; the investor critics want the hybrid holders to be able to determine how the hybrids are bought out.

The entity responsible for the hybrid securities, The Trust Company, has scheduled a meeting for 2 December to consider the proposed changes after validating that the investors held at least 5% of the votes.

However, The Trust Company said the proposed changes could only be ratified if they were approved by Paperlinx.

[Interview: Andrew Price's mission to save Paperlinx]

Paperlinx confirmed it opposed the amendments.

"Furthermore, the responsible entity states the constitution also provides that members may not exercise their rights under the constitution to vary the constitution in a manner in which Paperlinx, as the ordinary unit holder, reasonably considers… may adversely affect its interests without its consent," added the company.

Paperlinx also took aim at the investor critics, who include Graham Critchley, the convenor of Paperlinx PIGS, a group that represents some hybrid securities holders.

"This action taken by a minority group of hybrid unit holders carries further cost and disruption to the company," according to Paperlinx.

"The proposed amendments only serve to undermine the efforts of the company to execute its turnaround initiatives and simplify the existing capital structure to assist with the operational recovery."

Paperlinx will hold its annual general meeting on 25 October.

[Related: Ups and downs of Paperlinx]

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter