PMP has a history of delivering misery to shareholders, with the...

PMP has a history of delivering misery to shareholders, with the stock trading at five-year lows. But the market might not have twigged on to a few fundamental changes, notably lower debt and the fact that the merger reduced the number of players in the hotly-fought retail catalogue sector from three to two.PMP last year generated EBITDA of $40.6m on turnover of $734m. But complex adjustments resulted in a bottom line loss of $43.8m compared with a $126m deficit previously.A point of intrigue is that the Hannans, which account for 7 percent of the register eventually might privatise the company, which now has a measly $90m market capitalisation.