Ann: Shareholder Briefing , page-6

My Take:

The company's shares have been oversold. Clearly the board were rattled by the plumetting share price and thought they needed to hold this meeting to calm fears. Not sure if it calmed anything down, however, I am happy holding with a sub 20 cent share price and think this is a great opportunity to stock up now.

That being said, this company will never return to pre-GFC levels. The market for paper has clearly changed hence their move to diversify 50% of their business.

The banking covenants are fine. Although I did here whispering when the question about "Did it cost more to refinance", so I assume the rates of interest are higher than what they were previously. The good thing is that their share cap (share price) has no relevance when looking at their banking covenants.

The NTA of this company is significantly higher than the the current share price. Assuming the NTA has eroded since last report I still beleive it will be higher than current share price. This also does not take into account the intangibles of the business that must be worth something once you cut through some of the dead wood (no pun intended).