ratio decimendi: ultim.

Summer is upon us. Better things beckon. Therefore, it is time for a final conclusion.

Wasa is right. Though not for the reasons he would like to be right for. His slip up the the other day when he let everyone know that he doesn't actually hold many in this company says it all.

That is, it is such high risk and speculative in nature that PYC deserves to be nothing more than a garnish in any normal portfolio dish.

It needs cash and people with drive and motivation. I know they don't have much cash apart from the mates rates deal done the other day. That will pay for the interest, salaries, company cars and green fees for a little while.


But then what?

Maybe they will stop talking about being in talks and actually do something but I cannot be so sure. The debate here is now non-existent.

Thus, THE GAVEL concludes, don't waste your time with this one but hold a few. It is what it was at IPO, too early stage, too high risk and too under-capitalized with their own Lucy basking in a sea of blue sky clutching a bag of what she thinks is diamonds.

Truth is, it is a South Seas Company.

Meeting adjourned.

Case Closed.

Happy holidays to all.