I thnk they have done quite massive write downs already in last...

I thnk they have done quite massive write downs already in last years accounts and stated so , that most of last years loss were one offs , they do have a NAB of 70c however so more asset write downs are likely as the market surely couldnt be discounting the assets by that much ...could they ?

On the basis of this I think a Capital raise in my view is unlikely anywhere near this price range and not necessary .

in respect to staff simply not replacing staff rather than massive retrenchments is not expensive and with over 6000 employees , and the copany in a downspin , it is natural for people to be leaving of their own will if they are underperforming in their sales roles .


Hi jackgreen

I used to own shares in jackgreen but will forgive your nickname and gie my view on your question

With the cash in the balance sheet of $100m , a market cap of $50m , and a Nab of around 70c , to raise money at sub 10c doesnt make any sense to me ,a nd why I was so happy to see them freeze dividends and payments to note holders and PPX shareholders as they needed to .

Because of this I think a small buy back ie $2m would be positive , but i really dont expect it

PPX as I read the annual report and MD speeches is under no pressure from their bankers at present or till 2013 and have time to work through the restructure

If succesful , capital will be raised from asset sales or if needed for growth via new asset purchases , or more likely debt reduction , but this can be done later at prices closer to the nett asset value of the business not now .

All they really need in my view is a private equity firm to come in take a big position to stabilise the markets perception or maybe even privatise it .