a4 paper, page-7

Criptic Graham,

Core issue must be buying in paper from the mills at such a low level and then selling it at a margin and quantity to optimises profit, with greater emphasis on the short term but mindful of the longer term.
Am I on the right track?

I would really like your comment on the proposed changes to the Company constitution on partial takeovers and hiw it affects hybrid holders. I reckon the paper / packaging merchants in the US could mount a full or partial takeover. My understanding is the $120 million \ redemption needs to be paid the hybrid holder in that situation.

Does partial takeover fit in that definition to trigger redemption?
Or both before and after the proposed constitution Change it is the same? How partial does a takeover need to be before it becomes something more than partial. You can email me if you want.

BTW I would be extremely mindful of any possible defamatory comments about any of the existing directors. I think they may take action against you if there is such a snicker. Beside they are all close to new to the company.