details on why i'm negative on ppx, page-7

Graham

Will comment on a couple of your points

>Austted reads the Sequana/Antalis info and derives a different view. Did he/she then study the 3 key shareholders and then compare them with PPX's 3 main shareholders?

I agree there is a difference. Because of the capital destruction of the previous management PPX has descended to junk status. What is heartening is that Orbis and Maple Brown Abbott are both pretty astute bottom feeders. Both they and us can do well by buying stocks like PPX if they are genuine turn around stories. Orbis is also invested in AEU which is one of my more successful investments.

>And if Mr Market is wrong, which often occurs, then the directors believe him too and so do other "opportunistic" buyers.

In the case of small cap stocks like PPX Mr Market is, as you say, often wrong. This sort of stock is shunned by the instos and is rarely covered by the brokers.