Finch2Comments like that cannot go unchallenged, even when you...

Finch2

Comments like that cannot go unchallenged, even when you appear to have no holding.

1. The term profit is ambiguous. PPX has had negative earnings per share for Jun09 - Jun11 inclusive yet has paid 3 of 5 scheduled distributions.

2. Boon made an announcement which he would now surely regret. Has Price told you the intentions of a Board he may lead?

3. For a trading company; Banks are concerned with interest cover and LVR and adherence to agreed principal reductions AND management. At this level banking can be subjective.

4. Implied in your comments is that Board composition is unrelated to profits/performance. If correct, that is a sad misunderstanding of business.

5. Wait and see games are for losers. There is little luck in corporate performance.

6. There is a strong argument that PPX is worse than Kodak. Kodak owns intellectual property which is now being realised whereas PPX is a trader dependent on the trading culture of many dispersed business units. This reinforces my point 4 above.

7. Corporate attitude towards hybrids has changed markedly since Boon’s comments on Oct 21, 2011. Haven’t you noticed?

8. I know as fact that Price is aware of changed market sentiment about hybrids, but I don’t know the views of a Board he may chair in the future.

If profits are plain vanilla, positive cash flow is a chocolate sundae.

Where did that saying originate?