Ann: Pricing Supplement, page-7

I'll buy into the fact that interest repayments on debt will be lower in FY16. However your statement about the notes being cheaper to maintain in FY16 I don't buy. 103% payout plus they are still in Oct receiving the higher interest payment. In FY17 there will be a lower int figure however it is a $0.9m dollar difference.

Don't forget with the recent sell and lease back program there will be a higher lease figure going forward.
There is also the largest issue. That is falling revenues. There are discontinued businesses to take into account as well as the fact that there is still pressure on margins and volumes.

I'm sure all shareholders are hoping to hear at the AGM that the first quarter of FY16 has seen increasing volumes and improving margins but I'm guessing that the statement will go something more like;
The trading environment continues to be challenging with signs of stabilisation in both volumes and margins.

It has been a battle between falling EBIDTA / Revenues which they haven't halted yet - Significant items (which should be pretty low this FY) and Assets sales (which leads to high lease back costs) which are near an end, with debt interest payments dropping rapidly. The good guys have been winning but paoloh I can't find a way to believe that PMP will deliver 10% yield in FY16. Your talking EPS of 5.6c against 3.708c in FY15. Well in excess of a 50% rise in NPAT.

The update at the AGM will be give us a very good guide to what the immediate future holds.