Ann: Appendix 4E - Preliminary Final Report, page-49

This is an interesting thread.

I have been watching Paragon for 6 months. One of my points of interest is that they have recently appointed a new CEO. Often this results in a strategic review, sale of non-core assets, retrenchment of excess personnel and a big impairment charge. Well, "nail me to a cross and call me Jesus!"; that's exactly what happened.

But a couple more things; changes in accounting standards and a set of accounts, 4E format, with no Notes and no explanations and all the sins of the past hidden in the massive $70m administration cost and in the accounting treatment of the discontinuing operations.

I examined the history of Paragon. It rose from the ashes of a company called Citrofresh in mid-2008. It has been churning assets ever since. Nothing remains of the early acquisitions. Now it is a (mainly) reseller of a collection of medical capital and consumable products. I don't think they have a DNA. The strategy slides in the AGM pres are pretty but is a bit like putting "lipstick on a pig!"

My view? What for the complete AR, look closely at the notes and then decide.