sinking fast now, page-11

I think this is now worth another look. The company has been run into the ground and its future was very bleak but this JV with SASS puts an entirely different light on things.
SASS is a marketing arm for amongst others TATA chemicals the huge Indian conglomerate which also owns Brunner Mond the UK producer of Soda Ash and Bicarb. PSH,s key asset for years has been its customer base and distribution network.
Under this deal PSH it appears gets 33% of the profit from sales of soda ash and is expecting to produce about 25k tonnes of Bicarb itself. Should it be successful in producing these tonnes the profits from so doing added to the profits from Soda Ash sales could be $8-$9m per annum which will cover interest payments and could leave the company with a $2-$3m net profit, this would be a massive turnaround.
The issue about lime is irrelevant as to produce bicarb from soda ash you need CO2 and the only practical way of producing this is by burning limestone so the lime is basically a costless byproduct that can potentially add to profits. Should PSH be unable to produce the Bicarb effectively I,m sure SASS can supply that market also.
The banks it appears to me have more to lose by letting PSH fail than allowing it to survive so I would expect ongoing support. Longer term it seems to me that PSH might get swallowed by the Soda Ash consortium which owns SASS, this would be the best outcome for shareholders in my opinion.