Ann: Results of Annual General Meeting, page-17

I will give my pennies worth. PGC being in health care is a reasonably defensive stock, but I think the main concern is their fairly substantial debt level, with interest rates still going up it could possibly dent the companies ability to pay increased divies, leading many investors to abandon ship .I base my fears on my experience on the inflation / high interest rate cycle of the 1980s, Here in NZ I got up to paying 21% on my loans then every thing fell apart in the 1987 crash. Debt laden companys went under, took years to recover. Warning !! be very carefull of debt levels. I still have confidence in PGC it is one of my larger holdings, most of my other holdings are in utility companys, I am expecting difficult year or two ahead.