I agree with each of your sentiments Captain Allcock. However I have a more definite view of what has happened. IMO there is no question that in your words “they embellished all previous reports,” nor that “there is something wrong with the operation, or technology/equipment.” And further I am sure that there is even more wrong with the management and governance of the company, such as it may exist.
It is no secret that I have invested successfully in many of AB’s projects over the years and know him and his turnaround methods well. That is how I came across PPY. For instance I know that AB only puts his time into derelict companies, so when he joined Papyrus it was evidence enough for me that the company was defunct. The proof is in the years of depressed share price ever since Edward Byrt took over and is explained in the CEO report on 6 October 2017. But I knew also AB would turn it into something valuable.
It is clear AB saw in his statement that the only way out was to get away from the old banana project which had never worked and had soaked up a decade and millions of investor dollars for nothing, and move to more promising technologies. The market agreed with him and saw an instant improvement. Knowing AB’s style it is now evident to me that he was probably just appeasing the old technology to be kind, although his history has been to make failed technology work.
So unless shareholders en mass complain to ASIC about false statements, or call an EGM to remove this demonstrably arrogant and incompetent group, there is no chance in hell it will ever be any different.
Grrrrr indeed!
PPY Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
(20min delay)