The only thing keeping PGC above where it was yesterday (77.5c I...

The only thing keeping PGC above where it was yesterday (77.5c I believe) is the placement at 91.0c - hence the initial excitement, and subsequent almost consistent drop thereafter (as results were read and further digested). If they had just released results alone, which showed actual EPS dropping for the 2nd year in a row and even FY18pf, if you like to use these numbers (management have not surprisingly highlighted these numbers) EPS growth is 6.5% over a 2 year period - that ain't much, lets be honest - even worse, given this 2 year period (which is about the same time I have been following PGC closely - and often getting very close to jumping in several times!) management have almost continually talked about (and mentioned yet again) "Focus on EPS accretive acquisitions" ... yet 'the real numbers' would show a much more 'flat' picture, not a disaster, just not very " EPS accretive".

Maybe this year is the year 'it all comes together' and the real EPS starts to grow but having issued 45% more capital in the past 6 months, management have their work cut out for them (EPS growth wise)! And so far, since the last 1 for 2.8, the current acquisitions are, arguably, barely performing (hence a rather nasty doubt digit percentage 'real' full year EPS drop). Operating cash flows worsening by quite a bit (working capital etc aside) is also another sign acquisitions, which were done nearly half a year ago ("not yesterday"), are barely performing...

As mentioned, I want to jump in on PGC, I think, fundamentally, looking at it from a high view it is a great company, but the past few annual results and half years have left me with more questions than answers - including today's results... and it seems the Mr Market is in a similar spin.