It was interesting that PPY announced a new Egyptian catalogue the morning of the EGM but there has been no further update on the Egyptian deal announced last year as a MOU.
MD report seems as rehash of a rehash with little new...even Hayots got a mention again.
It seems clear that what we have now is far removed from the prospectus but the concern remains about the basic production process. All previous projections looked too good to be true but the current production levels are miniscule after all these years.
There is mention of AAMC making 2 new veneering machines. How is this being funded and why if the NQld machine is not commercial.
There seems little prospect of enough cash flow from operations in N Qld to break even and the cash position will be critical again when the March qtrly comes out.
Unless there is investment from the Egyptian deal soon I'm not sure how operations can continue much longer.
We all want this to work and hope may spring eternal but cash is limited.
PPY Price at posting:
11.5¢ Sentiment: None Disclosure: Held
