is there another stock with less risk, page-19

you also need to factor in royalties not yet paid out in cash and accruing as a liability.

At the end of March NZO said they owed NZ$20M, so PPP would owe a similar amount on a percentage basis (ie 10% vs 12.5%). And there will be more accruing for the current quarter as well.

We need to be prepared for this to flow out in a qrtly cash report soon, either this one coming or the next one.

People will freak out when this happens and moan about hown the company has negative cashflow unless of course you see it coming - as I am pointing out to you now.

Factor it in.