Yes it's my worst nightmare!!!!PPX ownership is held by 4 or 5...

Yes it's my worst nightmare!!!!

PPX ownership is held by 4 or 5 players.

They have run with high debt to equity for a number of years. They carried out (imo) a poorly timed and managed upgrade of their mill in Victoria.

They still carry the overhead of a large cap company yet their market cap is now only A$356 million.

Unfortunately AXA who in Sept 08 held 14.16% has recently dumped them. They are down to around 5%.

Historically the daily trading volume ws small but in recent times it has increased.

I have been emailing their management since 2005 asking them to move on (fall on their sword) but they are very comfortable and stay on.

They appear to have the continused support of Maple Brown Abbott (13.98%) and Schroder (10.3%).

In recent times NAB (5.04%) and Franklin Resources (5.45%) have returned.

Orbis is currently building up a sizable holding (8.45%).

They no longer pay a dividend but have managed to reduce their debt level (even in these tough times).

They are a global player and as such wil continue to have a tough time.