hard to see it ever recover, page-11

Re PIR, it is a good investment- why not hold it? It is like OZL holding SFR- many question that, but a good asset is not to be sneezed at in this market. If someone ever takes out PIR, GRY will be the beneficiary of a takeover premium.Capital raisings are terrible for a share price, but good for a company- GRY now has cash *and* PIR, whereas if it had sold PIR, at some point down the track, the money would be gone, as money always disappears, and there would be no PIR. A much better company with it than without it.