There is nothing great to be gleaned from these results: - The...

There is nothing great to be gleaned from these results:

- The Australia paper business is still broken
- The company is still bleeding cash, and the explanation provided in the report is incomprehensible
- Overheads are still too high
- Profitability net of discontinued business is negligible

It is incorrect to say that PXUPA have no rights whatsoever - they have the dividend stopper. Although, frankly, I don't see the company in its current form ever paying dividends again.

I believe that a sale of the business is the only strategy that will deliver any value to holders of common shares and hybrids. The longer management are allowed to remain in place, the more likely that the company will trade its way back into trouble and ultimately out of business.

PXUPA only.