Tributes are pouring in for Paperlinx shareholder activist Graham Critchley, who died following a fall at his home aged 65.

Critchley was convenor of the PXUPA Investor Group Supporters (PIGS), an organisation fighting for the interests of Paperlinx hybrid shareholders who have lost millions since the ‘piggy bank’ fundraising entity was established seven years ago to help keep the struggling paper giant afloat.

Spearheaded by Critchley, PIGS was instrumental in ousting the former management that presided over an almost $2bn drop in market capitalisation, and continues to agitate for better eventual returns to the hybrid shareholders.

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PIGS founder Gaby Berger, who will likely replace Critchley as convenor, says he was a tireless campaigner for the past two years, and was often up late negotiating with investors and executive in Europe.

“I have never met anyone with so much zeal, energy and commitment. Graham was one-of-a-kind, truly inspirational, and will be sorely missed by all who knew him,” he says.

“He was such an exceptional character, a hard-working night owl with a great memory for names and numbers who developed many contacts, and was a tireless advocate for investors.”

Berger says investors are in a better situation, and says the worst part of the fight is over now that Paperlinx’s fortunes are starting to improve and the hybrid group is now mostly made up of professional investors that he and Critchley were able to attract by making ‘a lot of noise’ when ‘mum and dad investors’ had to drop out.

“It will be easier now because professional investors won’t be rolled by the Paperlinx board,” he says.

“Graham was really the driving force. We will continue to agitate, but it won’t be the same as it was, none of us have the energy he had.”

He says the new challenge will be the eventual Paperlinx buyout of the hybrid entity and the ensuing ‘battle to the death’ between ordinary shareholders and the hybrids he represents, for who gets the most money.

PIGS committee member Paul Xavier Waterstone praised Critchley as a friend and mentor who he wished he had met earlier in life.

“For having had the privilege of many catch-ups with Graham at his tea and coffee haunts in his native East Melbourne, I would always walk away feeling immeasurably enriched by the conversation,” he says.

“A character in every sense of the word, his unusual combination of acerbic wit, brutal honesty, candid humour and ability to relate wisdoms and stories from his life experience was truly inimitable.

“Above all, Graham was a man of unwavering personal integrity and values. With his passing, we have lost the most tireless and dedicated friend of our cause – the committee and fellow unitholders could not have asked for a more dogged and devoted advocate and battler.”

Investor Jacob Grossbard says: “If it was not for Graham and his tireless work on behalf of all PXUPA investors, myself and all others would be lost in the wilderness of ignorance of what to do with their loss.

“Out of thin air he created a movement that may become a model for others in the future.”
 

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