I attended the AGM of PPX today and was surprised by just how many were there , almost 150 at a guess , never seen a 6c stock have so many in attendance .
The new chair and board were fantastic in their disclosure and openness to discuss the business and their plans and went as fart as actually recommending that shareholders vote against the remuneration report from 2012 , this theoretically is giving the current board a strike "on their record " for the remuneration report of a past board , and was applauded by the Australasian shareholders association who was in attendance .
The new message from the new board was we will stop the waste , over payment for mediocrity and be accountable to shareholders .
The message was that the company is already repairing losses and is expecting to achieve profit next year 13/14 , and is well on the way to implementing processes for this to occur quickly .
The board was clearly saying having 4 b of revenue and making a loss is unacceptable
From 28 countries of operation in 2011/12 , 8 have been sold and 2 remain in loss making ( Germany and Netherlands )
One assumes then 16 are now already in Gross profit .
The interim CEO stated that these 2 country operations will be fixed or sold and a new urgency was being positively accepted accross the group .
An additional 150 jobs were announced today to be gone from the UK operation at a cost of $3 m but at a saving of $13 m in this financial year .
Overall I walked out of the meeting telling my husband we should buy some more , he just grunted and asked if I wanted a coffee , but my opinion that Andrew Prices step up to executive director and the expertise of the new board tells me this might be a bottom of the 5 year of share price falls on PPX , I certainly hope so .
This is just my personal opinion not advice ton buy sell or hold .
SRS Price at posting:
5.9¢ Sentiment: ST Buy Disclosure: Held
