PBD got introuble the same way Centro did, investing using debts at the wrong time and paying too much.
Looked loke it won't survive but if that would have been the objective of the bank(s) it would have happend long time ago. FKP came first to the rescue, now it seems it is set up to become a Chinese investment vehicle. And why not, Chinese are looking for a secure investment which PBD at rock bottom price provides as its current projects won't sink any lower. There is huge upside to come once the mining boom is over and many miners of WA settle down in the broader Perth area. 36m debt is pocket money for Chinese investors, current MC of PBD is at 33m, so for 70m + 30m ( 1c t/o premium ) someone could get a bargain once the property tide changes to the upside.
The sp did a little reverse today just because someone placed an order at 1.2c others felt the need to panic or to try to trigger stop losses.
So far it looks like a Centro-Style recovery, maybe we won't see $5 again but 10 - 20c could be possible.
PBD Price at posting:
0.9¢ Sentiment: LT Buy Disclosure: Held
