This has always been my biggest concern..............looks like...

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kingkev

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25/06/20

19:53

Post #: 45456443
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Originally posted by tinhat: ↑

I don't currently hold so haven't been keeping a close eye on the discussion here, but after a quick read through the company response my overall general feeling is that I am not at all impressed. The board appear to have relied entirely on a written translation of a written forecast of the general manager of the Chinese operation (which I assume is submitted written in Mandarin) and make no contingency or adjustment for foreign exchange it would appear (as their response claims that recent currency movements are a material cause of the change in the revenue forecasts).

So the first thing to note is it appears the manager of the Chinese business does not write reports in English. The second thing is that the forecasts they provide (in Mandarin?) are literally translated and accepted at face value at board level.

The problem with this response for the company, is in my eyes, it casts doubt over the competence and diligence of the upper management and board of directors.

I feel sorry for holders, but this is a company that quite clearly has not yet proven itself capable of reaching the potential its technology holds. After reading this response I question whether the management are up to the job.

I was looking at the chart today wondering whether to keep a closer eye for a potential reentry into PET. I will read the discussion here amongst holders with interest.

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This has always been my biggest concern..............looks like I was right

Inexperienced Management and Corporate Governance is looking silly at best

NOT HAPPY JAN

PET Price at posting: 30.5¢ Sentiment: Buy Disclosure: Held
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