Hi Sabine. I talked to Adam Gray at last year's PGR AGM. His...

Hi Sabine.

I talked to Adam Gray at last year's PGR AGM. His position was that Coliseum is as trapped underwater in PGR as all other holders. Coliseum can't consider a PGR takeover as this would crystallise their already large losses, so he has a point.

The PGR share price has since halved again. This year's AGM will be twice the fun.

Private Equity's game is to identify value and act on it more quickly than anyone else. In PGR, they seized a falling knife with both hands, which is professionally embarrassing and financially painful. PGR's share price two years ago at the time of the mooted takeover was 51c, so Ouch!

Anyone looking for deep value should consider PGR - no debt and solid brands in the worst retail environment in decades.

Ash