Ann: Acquisition of Business , page-5

I have continued to accumulate PGC and PGCOA over the last 2 years between 2.5c and 4.5c , adding more after each quarterly

The March quarterly should be out Friday or Monday and I am expecting to see strong revenue growth for the 7th quarter in a row and a confirmation of the profit targets set out in the latest Gordon Capital ressearch report.

I noticed both Directors Tanner and Simari who turned PGC around have continued to buy stock in the market

If I read it correctly at tonights close of 4.2/4.5 the market cap is just over $10m.

My forecast after attedning the AGM , meeting Tim Blanche , and the rest of the board is that the company will exceed the $16m revenue they talked about at the AGM , and get the EBITDA to between the 6-10% of revenue NON exec chairman Tanner said he wanted .

At the AGM he further stated the board wanted 13-14% of revenue as the EBITDA in 2011 /2012 .

Should this weeks quarterly continue to trend upwards revenue in 11/12 shoud be between $25-$30 M , at a range of 10-14 % the EBITDA range should be between $2.5m to $4m .

On a PE of 8 that is not characteristic of a growth stock it puts a short term value on PGC between 2 and 3.5 times the current share price .

I agree the sector PGC is in , is steady and a tad boring , but with an acquisition taking place every 6 months or so , and revenue growing 100%+ PGC is definately a grwoth stock .

In each of the last 3 years revenue is showing very strong growth and profit is now following .

I expect long term holders will see the share price re rate and become more akin to the growth story it has become .

I hold PGC and PGCOA .