Buyback of PTM, page-20

Maybe a better way for me to phrase it is as follows:

Would the PTM investment team invest in PTM the Company?

How would they evaluate the indifference of the Board and Management toward minority shareholders?

What would they make of the poor capital allocation and operating performance of the business?

How would they evaluate a Chairman who makes his first point of business upon joining a Company, to be that of bumping up his own fees? In spite of dreadful performance for the minority owners of the business.

What would they make of the current valuation reflecting a price that encompasses:

39% decline YTD
47% decline over 1 year
76% decline over 5 years
79% decline since listing in 2007

Notwithstanding the above, it appears that the CEO, Andrew Clifford and the Chairman, Guy Strapp, do not see value even at present prices.

That said, the Board and Management are going to great lengths to lament that the staff don't own enough of the company, and must be gifted further ownership in the Company at the expense of minority shareholders....