Pact delayed about $8m in orders for hangers and garment accessories made in June 2020 which were not invoiced or delivered until July 2020 – after the end of the financial year – equating to about $5.14m in earnings that could have been used in the EBITDA calculations and also lifted it past the $19.4m mark.
They got the order------ and what Pact is on about? Unlike Malcomn Bundley, the CEO in charge at the time till now is Sanjay Dayal. Ever since he took the command, sp only goes up and down due to the economy. His recycling ideas are good but doesn't look like he can run the business like the past CEO.
I remembered a member who used to manage director's investment into Pact for nearly 1 mil said before she left, this guy is a dud!
If you got the order in June 2020 (back that time was COVID I think), it means it should be included in that financial year. They seriously can't complain to the guys who sold them all the way back in 2018.
Productions delaying due to COVID is not an excuse, it affects all businesses till the stage now that Vic gov said you can claim your loss back with them.
I am not convincing with the Pact's excuse which at that same time Sanjay pretty much refuse to sell out contract manufacturing due to protection of workers and till late last year they announced the cost cutting program without looking at workers' faces. In regards to his shares bonus, he only forfeit it after I questioned him during AGM to soften shareholders (I was kicked from the questioning btw). But I suspect, his reason is because he knows RG is doing take over so he can't upset his mentor. He still got paid millions of dollars despite sp falling to this low as CEO btw.
Just my opinion.
PGH Price at posting:
84.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)