This has got to be the slowest train wreck on the ASX.
Since the release of the half yearly result in February it was evident that the Company was underperforming on all fronts yet the Board of Directors failed to act. The half yearly accounts laid bare the significant erosion in working capital and higher debt levels.
The real question is whether the Company can now turn it's fortunes around under the leadership of the Executive Chairman.
It is belittling to long standing shareholders to quote a net asset backing of $1.80 per share when in large part the net assets comprise intangibles which will be subject to review and probable write down as part of the 30 June audit process.
Come clean Mr. Executive Chairman and tell us what the net tangible asset backing per share is and provide the owners of the company with a realistic estimate of earnings for FY23.
IMO DYOR
Clare
PPG Price at posting:
40.8¢ Sentiment: Hold Disclosure: Held
