please explain, page-26

In terms of achievement against the prospectus the answer is a complete change of heart and/or focus resulting in failure by default.

It is clear that PPY have abandoned the "alternative to traditional paper" claim which was the backbone of the prospectus and the reason why most of us invested. Strangely no real reason was given for this departure apart from the "potential" profit difference between veneers and paper. This viewpoint has yet to be validated as there have been no sales to date of either the paper, veneers or panels so where is the reference point? How would they know? It is afterall a company with no business/manufacturing expertise in any of these area's.

With regard to setting up in Egypt I will go out on a huge limb here and suggest that there will be no Australian/Egyptian factory. If they were to set something up one would imagine that the Egyptians would have already visited the Walkamin facility and made an assessment. No announcement to this effect has been forthcoming from PPY. Maybe a visit is about to take place, who knows?

In terms of panel test results the announcement didn't actually say what the results were. They didn't pass and they didn't fail. It just said "the results of the tests are significant". This statement doesn't actually mean anything on its own. It then says "it confirms the Papyrus method of making panels is on the right track and provides valuable guidance to the Papyrus team developing the product".

Again they aren't telling us anything apart from letting us know that they know how to mix up fibres with glue and then squeeze it together they can make board. Nothing new in this as that is how wood panels are made. They do however appear to claim that they have a new bonding agent which is "completely formaldehyde free" and "unique to Papyrus".

And finally, if panels needed to be tested before they were marketed we would probably not see chinese particleboard and MDF sold in this country. Check out what's on sale at Bunnings or Mitre 10. You can sell panels at any time provided that you aren't making grandioise claims about their safety and performance. But this will mean that you will be a bottom feeder and there is limited opportunity for profit at this end of the game unless you are a volume producer.