Investment case, page-3

Hi formuso,
I think it’s not that simple- PRT have 3 large shareholders , only one wants to merger. All 3 have a lot of money invested and I imagine Catalano invested to make money , Gordon who the hell knows, and seven to take PRT over. With the divestments of partial repair of Sevens balance sheet, one would hope any future bids will have a strong cash component. Although the SWM SP is Weaker - , so is PRTs , a TO with a solid cash component would be wise , especially as PRT are now about 6-7 net cash vs about 16m net debt at last attempt and EV is about 60m Less
I much prefer they forge ahead with their own growth plans so they can utilise the ridiculous amount of franking credits on their books equiv to 17c plus a share. Wlth the cash flow they will generate over the next 3 years they can rely do a lot to diversify revenue base