PPY continue to do nothing and achieve nothing,in Egypt .. or anywhere.
So much for the lip-smacking, spine tingling, predictions of "imminent" sales (and presumably income) following last years AGM A complete farce.
.... and this is after PPY had, some many years ago a fully functioning factory in Walkamin, that was delivering veneer to European customers. All Ramy had to do was transfer a couple of pieces of equipment to Egypt. Why the "significant delays" in getting it commissioned. It was already working at Walkamin, and according to PPY's own reports at the time, ...…. a tremendous success, ...... triggering it's shutdown ..!!?
Maybe RA's not as good as he would have the board believe. Epic fail.
They now proudly announce that the Egypt factory is producing 60sq m per day. That is utterly pathetic. ! That will hardly pay for the electricity, and all the lab coated employees.
The best they offer is that the factory "would become cash flow positive in the later part of the budget period". So they are now burning cash. Wonderful … fantastic .. !! This was not part of the Chairman's report last year. I wonder what creative assumptions have been made to conjure up this cash flow positive prediction
I also note that "Discussions are underway with EBFC to consummate the Papyrus Egypt operations.". Huh ??? What does his mean. Sounds a bit fishy, and typical of PPY's technique of uttering vague statements. Surely the JV operations have been "consummated" by now.
But there's more ….. Previous announcements, proudly and boldly, stated that equipment for fibre tray manufacture was on order from China and would be delivered, installed and commissioned in Egypt by mid 2018. Now (10/10/2018) they are saying they have engaged a team to prepare and business and financial case for this project. What the hell is going on ?. Was the previous announcement about the equipment's impending arrival completely, and knowingly, false.... and misleading ?
What cock-and-bull stories will they prepare for the 2019 AGM ?
PPY Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
