Dear all“If PIGS are fair dinkum” C’mon - it’s easy to criticise...

Dear all

“If PIGS are fair dinkum” C’mon - it’s easy to criticise here.

A lot of serious analysis went into both webinars.

I recall Simon mentioned that conversion, if it occurs, is the first step in a multi-step process. Yes, we understand, but the session was “information heavy” and there were time constraints - 60 minutes.

Let’s not too excited about Andrew’s buying 350,000 shares for $21,600. That’s little more than tokenism following release of the FY2013 results.

It is easy to be critical of the messenger, and PIGS has been a vocal messenger. The hybrid holders did not cause the current problems, and we cannot rectify them.

What is unascertainable is the:

(1) Uplift, if any, upon a negotiated conversion – slide 39 of webinar 2. This is largely dependent upon the market’s view of the Board’s ability to deliver;

(2) Views of the other credit providers to PaperlinX generally, and UK & Europe specifically; upon a negotiated conversion. If there is a favourable reaction it could transform PaperlinX overnight just by freeing up the Trade Working Capital – slide 23 of webinar 2. Note the figure of $63m; and

(3) Net realisation if forced conversion occurs – slide 17 of webinar 1.

We’ve done a lot of work on this matter and know the risks that confront all stakeholders. Don’t believe all the spin you see or hear.

Today PIGS is better organised and resourced than ever before. Watch this space.

http://paperlinxpigs.wordpress.com/2013/08/26/post-results-webinar/