horley on radio australia , page-7

Well yes, Blokes, I think the opts probably ARE muddying the waters...it's telling that you have yourself switched shares for options.

I prefer the ordinary shares at current prices, because the opts are now 'intrinsically' worthless (& despite Paul, the 'time value' stretched at 5c in my view!), and the only way they're going to move higher is as the shares advance anyway.

Anyone with a vested interest in seeing the opts higher will have to work on the ordinaries first.


As to how to set about rectifying PBI shareholder faith & loyalty, I'd direct management's attention to the way Solagran (SLA) has proceeded. One of the hallmarks of this little (though p'rhaps, after the past couple of weeks, not so small or unknown!) company has been its directors' alignment with shareholders' interests. Management has been extremely frugal and acheived amazing results on a remarkably low cash burn rate.

Perhaps one of the secrets to their success has been the issue early on of Contributing shares which have provided a clear financing route over a number of years.

I wouldn't suggest PBI needs to raise any more cash well into the future...but forward thinking, shareholder friendly issues are definitely the way to go.

As an aside. it'd also be nice to see the London market maker put in a bit more honest effort on PBI's behalf.