am i missing something ?, page-2

The conclusion I come up with and we have discussed this at work over the past 2 days (I work in a dealing room) is that we all agree, something is amiss.

The Chinese have come in to a company that appears distressed and being the guardian angel pays slightly overs based on the current price.

The Chinese are not by any means stupid or financial novices. They are paying around 2.4b for equity at the moment worth 3.4b (This is in the Financial Report).

In 1, 2 or even 3 years times, this equity WILL be worth considerably more. I suspect they would be buying in the hope of not gaining supply chain benefits, but capital gains of 500%+ over the next 3 years.

Now I may be wrong and the banks probably are knocking on the door, but with a 400m repayment, the company SHOULD survive and PH will be a great investment.

Therefore, I think we are getting FAR TOO LESS for our shares.

How the management could look for such a short term goal to a long term future of the companies potential...

I guess the A$1mio per year CASH we pay Michaelmore is well spent...not