Ann: AGM Presentation , page-22

Hi Novo,
There is money to be made in paper. It is still quite a profitable business and with the barrier to entry so high and stringent environmental laws to get through (in western countries) new competition is unlikely. Further, old technology mills have been closed which reduces supply and in turn increases prices for those remaining.

There is a similarity between PPX and PPY and that neither of them produce anything themselves.

PPX is a paper "trader/merchant/resellers". They are a conglomeration of some of the best international paper merchants (created through aquisitaion and mergers) and they rely on buying a wide range of paper grades to onsell to customers/consumers.

PPY is a technology company (with no apparent technology). It doesn't make any equipment and from time to time it confuses itself and us mug punters with statements that is a production company.

The key difference between the two companies is that PPX has a revenue stream.

Merry Christmas everyone and lets hope the Europeans can get themselves out of the proverbial so that we can make some less stressful trades in 2012.