Good summary Tarvold. Last week's scurrilous AFR article has weighed on the marketplace. It did call into question Keith John's integrity as a prudent director and manager...plus...his interpretation of an accounting standard. Perhaps they want to shut down the 'whistleblower'. Maybe ASIC have agreed on a course of action. If I could get three wishes they would be (a) we have worked out the effects of the FV v Amortization issue and we have revalued the PDL asset...not devalued it (b) cash flows are tracking well ahead of expectations (c) as a consequence of (a) and (b) we are increasing FY19 guidance. Tarvold's comment on a possible CR holds some water given CCP have just done it. I'd be thinking they will issue more notes as they were (I am reliably informed) well and truly over-subscribed with the first issue.
PNC Price at posting:
$2.10 Sentiment: Buy Disclosure: Held
(20min delay)