Ann: PaperlinX Benelux commences Administration process, page-2

It seems that MR market likes the idea of a smaller Paperlinx without the European and UK lead weights.
The PPX operation in Australia is profitable and the profit has been increasing under the leadership of Andy Preece. Last years profit of AUD$15.3 million was up 21% from the prior year, plus the 1/2 year to Dec 14 the profit was at AUD$9.1 million, so its looking rather good for this year.
Gross sales for ANZA is around AUD$424 million so the company is definitely worth more than the current $20 million.
I'd also bet most of the C$63 million hasn't all been funnelled to Europe and UK just yet, so maybe there is some extra funds in the bank.
Whilst its sad for all the employees in Europe and the UK, it was on the cards for a long time, the operations had been propped up for a long time most likely too long.