This announcement is another great example of how PPK should not...

This announcement is another great example of how PPK should not write announcements.

PPK and LIS are both highly technical businesses and the announcements are just the opposite - as light on detail and substance as it is possible to imagine (the most recent LIS Newsletter is another brilliant example of lack of substance and detail and follow-up on assertions in their prior newsletter). Shareholders want detailed and substantive information - not fluff. To be clear - this is not asking for commercially sensitive information from PPK. It is about asking for detailed, complete and substantive information about strategy and operations so that the market can properly value PPK and all of its business.

So, with PPK's announcement today, why not provide the latest production volumes and expectations for mask sales. Are these state secrets? No, this is the normal information every company provides to shareholders (i.e., the owners of the business). Then PPK should refer to the website where the masks can be bought (so people can readily reference their prices and to assist sales of the masks) and it should/could even give some guidance about the cost of production. Why not help the market properly value the business - which indeed looks positive - instead of giving the least amount of information possible?

Then, Robin says: "I see it as having a much broader application in the PP&E area in the future." Great - and I believe he sincerely holds this view and it is probably true. But, why not explain in detail and at length why he has that view? Again, is it a state secret? It is important to understand the broader potential of the technology and Robin obviously sees value in it and has said so before. It is another missed opportunity to explain to shareholders and the broader market the reasons why.

The same critique applies to his comments in the half year report, and in my opinion, particularly the Ballistic Glass business and Craig International Ballistics. Why not much more detail so that the market attributes the correct value to these business, as distinct from the thinnest and shortest commentary imaginable?

PPK and for that matter LIS communicate to shareholders on a routine basis. Why not provide company presentations to the ASX which could include the necessary detail and which are accessible to all existing and potential shareholders? 3DA's recent presentation is a good template I would recommend to PPK. It for example includes very interesting detail on PPK's next generation alloys. Why has 3DA released this positive information to the market but PPK has not?

The classic - while I am at it - from my point of view is Robin using the LIS post-IPO share price of $2.77 to demonstrate the value creation prowess of PKK - when on the very day of that announcement to the market the LIS price was below $1. This is in the Interim Financial Report of 24 February. Is this a joke? This would be like me plugging in the historical high share prices of all the shares in my portfolio to calculate its value instead of the market prices on the day. If only that were true. This truly is unbelievable and, unfortunately, is indicative of being in a parallel universe. Perhaps Robin will buy my LIS shares off me for $2.77.

Anyhow ..... you get my point. PPK is making very basic mistakes in its communications to the market. Instead of employing a Chief Investment Officer and Chief Risk Officer (announcement on 13 January 2022) PPK should fire those guys and employ an Investor Relations Officer and a sidekick who can put together proper presentations and announcements to give to the market.

Thank you!