Hi It is an old company with a good distribution network and a...

Hi

It is an old company with a good distribution network and a trusted name with its customers.

I have been aware of Spicers in its various forms for over 30 years as a participant in the paper industry.

So the current board are in the process of right sizing the cost structure, changing some cultural habits and looking at opportunities that will fit with its customer base and will provide profitable growth.

I note that the directors' two tranches of performance options are not achieved until the share price gets to 5 cents and 6 cents respectively.

Half the board are very wealthy individuals & so the achievement of these performance options are not really material. However improving profitability and a stronger share price are two objectives that will be material to them.

And to all of us. In this respect I am happy that the board is dominated by large shareholders who have a history of high achievement in business.

I don't see this as a high risk holding but more a company that did well out of a declining industry and needs to develop new markets. I'm confident that SRS can do that as it manages downwards its reliance on the print industry, which by the way, is by no means dead yet

My entry into SRS was via PXUPA in its later days so I'm comfortably in front and am looking for a multiple re-rating. It may take some time yet

Whether you agree with me or not probably depends on your entry cost.

Of course my thoughts only.