Ann: Quarterly Report 30 September 2014, page-40

Which is, I believe, an extremely strong selling point for potential bond owners. If Boart Longyear can refinance their imbroglio of a business at 12% then I am sure that PGI will be far simpler to put to bed.

Did you ever follow EWC? Fascinating business that for years (in the early part of the last decade) traded at give away prices due to crippling short term financing rates that were forced on them by their bankers - CBA from memory. Their business was perfectly sound (power generation) but until Packer came along and refinanced them they were a basket case. Once the market realised what had happened the stock moved from $0.025 (where I used to own them until I lost patience and sold out my 2,000,000 at a break even price!!) and peaked at $1.60.

Whilst the potential for PGI might not be so great as EWC once their financing issues are resolved it is still worth remembering what can happen once a long term issue has been resolved

For what it is worth, I should point out that I might have sold out of PGI before they get to $1.60 though!