Ann: Board and Senior Management Changes, page-13

Interesting Mark Simari has returned and his input is definitely needed. The issue for PGC is they operate a low EBITDA margin business. After 16 acquisitions, 46 companies, 14 different IT systems, 36 property leases they had disparate processes and procedures. If you operate in a low EBITDA margin sector the business needs to operate very efficiently. Management obviously concentrated on the fun part making acquisitions and didn't have an integration plan running at the same time - a failure of management in my opinion and reflected in the SP. Integration and transformation plan well underway now ( we are told ). Strategic intiatives, blah, blah, blah in the latest presentation give you a warm and fuzzy feeling but what's actually really happening at the coal face ?