what progress, page-3

I agree- there IS excitng progress!!

Walkamin plant gearing up; a high value product market discovered; interest in plants in other banana areas in Australia; interest from overseas. There is likley to be quite a lot of news flow in the remainder of the year.

As for the price action, I think that is mainly connected with the deal to 'underwrite' the sale of World Future Fibre's million plus shares when they left the "Pulp Fiction Joint Venture" As at the end of February WFF had got rid of around half a million shares, and still had 800,000 left. The problem for Papyrus is that we have guaranteed to tip in the difference between 41.5c per share and what is actually achieved. If I read the agreement right WFF are guaranteed 41.5c per share regardless of the sale price until July, and any shares and any shares left then WFF would only get market value after that. Clearly WFF are selling out, and it doesn't matter what price they get..... Several hundred thousand shares have traded since then so not so many to go.

Hence, there is likely to be price weakness while this overhang is cleared- actually I think it it's an ideal buying opportunity for the rest of us! (The only downside is this is that it lessens the likelihood of the remaining management 30c options being exercised this month before they expire- BUT it matters little really as PPY has adequate cash for the next year or so-- I would prefer a capital raising at hopefully a higher price later in the year.)