Ann: Change of Director's Interest Notice - Lisa Paul, page-6

I guess some would view the safe position to go to cash and exit the market, so safe is relative and depends on your risk profile obviously.

But PRG is a very well managed company, and I believe that the merger is going to make a more robust business in these and future times.

They reported the merger already is delivering synergy savings. I do not believe the energy price is going to stay where it is, and rather there will be a rebound in price and activity.

The fully franked dividend at the $1.10-$1.40 level is very appetizing if not compelling, and appears sustainable from what I can see,perhpas with a slight drop?

I like the incentivisation of the Mngt

I like the Directors buying.

I would hold the opinion presented in their outlook

"As a guide to Programmed’s FY17 performance, the group’s pro-forma FY16 revenue (including Skilled revenue from 1 April 2015), excluding revenue from the Ichthys and Gorgon projects, would be approximately $3 billion. Of this, about 2/3 is derived from the property, infrastructure, transport, manufacturing and other non-resources sectors, and 1/3 comes from the resources sectors.
The outlook for staffing, maintenance and facility management services for non-resources sector customers remains solid. The company is pursuing a significant pipeline of tenders and opportunities, and revenue from these sectors is expected to grow in FY17. Demand for services from the resources sectors, however, is expected to weaken further in the short term."

Looking at some of the analysts coverage, 6 analysts offering 12 month price targets for Programmed Maintenance Services Limited have a median target of $1.67, with a high estimate of $2.97 and a low estimate of $1.40. The median estimate represents a 42.31% increase from the last price of 1.17

In these times the market seems to be very skittish, over-reacting to news flow, especially bad news. I wasn't sure where the bottom was, but it was close enough.

So was % increase safe? on my view it was, and I have taken it.

Good luck