I think under Toby Marchant / Harry Boon reign of terror, they...

I think under Toby Marchant / Harry Boon reign of terror, they got it wrong to try and maintain similar volumes of paper sales. Paperlinx drpped their margins to ensure sales. This is what the sales reps want.

Other paper merchants increased their margins and dropped volume.

The drop in paper order this year is probably not going to be 5 - 6 percent, but 10 - 11 percent, based on recent articles I've read.

New management will increase margins, and re-educate the sales reps on the need to pursue higher selling prices. The print industry may nit be as price sensitive as they think. Personal relationships, logistics play a more important role. There are professional educators who provide sakes techniques on how to gain price increases. One way is to introduce new lines of production with slight differences and higher prices. The sales rep says this paper is an improved item and a slightly more expensive. Etc etc.

Anyway the thing is sales reps are crucial, but they need to be energized and recalibrated to increased margins.

It must be touch and go as to whether Paperlinx will sell off more assets, maybe Continental Europe or Canada etc. I think they will be forced to continue divestment. The decline in paper is just too great. A lot of fine tuning, or maybe not so fine tuning, will result - just sell down now

Without doubt ord share prices are overpriced. The risk has jumped in recent months, but the sp has remained the same. Whist the company has a strategy, which incidentally is not different to almost every other paper merchant, it is the whole industry decline in paper volume that has been under estimated. Also the increase in packaging diversification is only gradual.