not so bad, page-6

Hi Markie

Nice to see some serious analysis based on facts not feelings.

Re banking covenants - there are no interest cover covenants as the principal facility is secured by debtors of selected European subsidiaries. This is in effect an "evergreen" facility provided PPX keeps selling to credit worthy debtors. The extension to 2013 announced earlier on was a mere formality.

As a holder of PXUPA I'm encouraged about the free cash flow.

Hope to see more of your analysis.

To the detractors, PPX probably should have gone broke but didn't. It looks like the worst is probably behind the company. Turning this business around is complex and needs patience.

The huge positive is low debt and positive cash flow.

"If profits are plan vanilla, positive cash-flow is a chocolate sundae".