A versatile ligninolytic peroxidase that combines the substrate specificity characteristics of the two other ligninolytic peroxidases, manganese peroxidase and lignin peroxidase. 1-(4-hydroxy-3-methoxyphenyl)-2-(2-methoxyphenoxy)propane-1,3-diol + H2O2 = glycolaldehyde + guaiacol + H2O + vanillin 2 H(+) + H2O2 + 2 Mn(2+) = 2 H2O + 2 Mn(3+) Binds 1 heme b (iron(II)-protoporphyrin IX) group per subunit. Binds 2 calcium ions per subunit. Optimum pH is 5 for manganese oxidation reaction, and around 3 for all the manganese-independent reactions. Belongs to the peroxidase family. Ligninase subfamily.