firsovaStudy the announcements made by PaperlinX:18 May Toby...

firsova

Study the announcements made by PaperlinX:

18 May
Toby Marchant says solvency & liquidity are fine
30 June
June distribution paid
4 July
Restructure update "restructuring will be funded from existing cash reserves and working capital facilities"
25 Aug - Full Year Results
Gearing 18.9%
+ve cash flow $55M
Current Ratio 1.8
LOOKING GOOD SO FAR ...
21 Oct - AGM
Stopped Dec distribution & advised "unlikely that further SPS distributions will be paid"

Do you honestly believe that is ethical behaviour? Forget the feel good rhetoric, this is reprehensible opportunistic behaviour.

Here is something you may not have considered:

(1) As at 30 June, if the sums owing to PXUPA holders were debt, not equity, PPX gearing would be 54.7% not 18.9%

(2) But for PXUPA, I strongly believe PPX wouldn't exist today with gearing of 54.7%.

Focus on facts and you may see the real position. If PaperlinX was a family pet any caring owner would have had it put down by now.

The only quashing going on is the reputation of directors.