this should be quick, page-6

Very positive result in my view for the shareholders .

Seems Socrates was almost 100% incorrect on his predictions , but I am sure will try throw water over my comments or anything that hints at positivism .

Socrates is still showing as a stock holder , and recommending to sell , yet does not take his own advice or offer a reason as to why he holds the stock yet has maintained a sell sentiment for so long .

I thought the ANZ, Canada ,and New Zealand result was outstanding .

The UK , Germany and Bennelong business which have dragged the company to its knees are finally but clearly showing that the new board and management are beginning to have a positive impact on the past mess .

For the company to forecast a small 2013/14 profit is an amazing feat considering all the winds that have been blowing so hard like a massive headwind .

The fact the banks extended the credit periods and have eased the lending terms in my view now completely rules out the going concern issues some hybrid holders have been trying to ignite to , at least for the next 12-18 months

Hybrids clearly are a priority to sort out but not as high of concern as those holders may have hoped they would be and it seems to me that the ordinary shareholders are the boards key priority , with the company looking to return to profit in this 12 month period the poison pill that PXUPA has been is diminishing .

Seems to me that the share price below .06 is only going to be short term , and may be set to go higher should an offer of shares in PPX be forthcoming to note holders

My reading between the lines is that the PPX board will offer hybrid holders an appropriate number of shares that leave the numbers in current PPX holders favor .

If they do not it would be irresponsible , if in 12 months time this company is profitable it would be ludicrous to have given note holders 30-50% of the company when realistically they have little rights as it currently stands

At a ratio offer of 100 to 1 that would mean the number of shares would increase from just under 600 million to about 900 million shares , and give the hybrids about a third of the votes post consolidation .

With the company so close to a return to profitability the board could not realistically be expected to give away more than 1/3 of its capitalization for $20 Million , which is at the current price what this would in effect be doing .

The obligation of the board is to offer the note holders a solution to become one , but not to give them the company control to them .