Of course this post by oz-wire is tongue in cheek, no one believes there will be any cash flow from Sohag. The real reason for disposing of this asset is hidden on page 9 of the 2019 Annual Report:
"The new arrangements also relieve the Company from any capital or financial risk of being involved in Papyrus Egypt (ASX announcement 15 April 2019)."
In other words seemingly the technology still does not work and giving the machine away for free and forgiving the overdue unpaid iinstalments was to relieve any risk from risk. Sounds like Papyrus Egyt was a risk to PPY, presumably for selling them a failed technology and machine and business promise.
The other risk is the court case with the ex Managing Director. Not a mention in the annual report, so presumably this is over or settled. There are legal expenses in the P&L statement and an increased audit fee, must all be related. As usual no transparency to shareholders.
PPY Price at posting:
0.6¢ Sentiment: Sell Disclosure: Not Held
