Ann: Becoming a substantial holder , page-17

PPX also expects to reduce debt by another $90m is 2013 via asset sales. This taken from the recent results presentation:

http://hotcopper.com.au/announcements.asp?id=462891

Paperlinx is a turnaround story, and they are never quick. The costs of restructuring often outweigh the benefits for the next reporting period. However, $4b revenue is nothing to sniff at. If they can get this right, maybe PPX is not on its last legs.