this should be quick, page-8

AFR is suggesting that Hybrid holders will end up with 40% of the company , at 6c per PPX that equates to about 120 shares .

I think that is a disgusting amount of shares to issue to the Hyrid holders , if the company simply waits 12 months and returns to profit then 40% of the total company value might be massive

I think they should aim to increase the EBIT in NZ, Australia and Canada under the Spicers brand towards $35m , return Europe to break even and look to sell parts of it at that time

The cash could then be used to buy back the hybrids and the share sin PPX at a profit of 30M + will attract a solid PE

I think 6c share price is to low and $9 Hybrids is to high At 8c and $8 I could swallow a 100 for 1 conversion ....but only just ....as most of the upside on that basis goes to the hybrids if that occurs now instead of later .pu
With the board predicting a profit in 2013/14 I was disapointed and surprised we did not see directors buying today after the result was released

After all this board came to power criticiszing the past board of not holding equity , yet hold less than 3% of the company .