Good Post Joe Wolf .I agree with your comments if the EBIT is on...

Good Post Joe Wolf .

I agree with your comments if the EBIT is on forecast in the full year , the second half result will e very good and swing the momentum pendulum .

I think the reason for the selling pressure is coming from a few areas but primarily from the placement broker selling out after the company came in with a slow first half year result , and negative cash flow quarter .

Tax selling is adding to this and as a double banger .

Those with buy entry points of 0.35-0.50c are taking tax losses as they fear it could go lower , and other sellers are those that bought a few years back at 17-22 and are locking in on the profit taking the profit now to offset it against other positions they have in loss .

I sense many of these will come back if the full year is good and the sell side would have dried up

I am pretty full up in PGC as well but did buy a few more at 26 and 27 as they in my view are just to cheap at these levels to ignore the opportunity .

I really think Cake in 3-6 months will be celebrating the decision to buy as the company does reach its forecast , pays a further .01c dividend and starts to get re rated again as it did when it rushed up towards 0.50c prior to the cap raise and LR acquisition , which if you read the quarterly is performing above even their internal expectations