Ann: AGM Presentation , page-12

No, you are not getting old dear Keeting.

Novo is on the money !! ... I'm told that the new machines are being built in China, but the wonderful leadership and project management skills dispayed by "fearless leader" has single handedly seen that project delayed by over a year ... and still counting ... as the machines in China, are still nowhere near complete and ready for shipping.
Shutting down Walkamin, and transferring those machines to Egypt is not a strategic decision, it's a decision of necessity.(including the financial cost burden of running Walkamin)


See Quarterly report to 30 Sept (dated 29/oct 2010) .. top of page 3 "..... new machines to be completed for commissioning in late January 2010 ...." !!!

and again in Quarterly report to June 2011 dated 29/July ... middle of page 2 "....acceptance testing of the new veneeing unit BASE ASSEMBLIES (not even the completed machine !) is now expected to take place in August 2011 ...".
I'm told that this still hasn't happened and the BASE ASSEMBLIES are still in China waiting, waiting, waiting, and still nowhere near finished !!!!

Your observations about massive gulf between the projected production rates and the historical production rates (for what will be the same machines) are also true, I'm told.
How can some people tell such stories knowing them to be falsehoods ?

All these statements are made boldly and without any hint of embarrasment or subsequent explanation by PPY.
Where's the accountability by the Board ?? .. or are they just bored ?


Your observatons, Keeting, about the yellow pallet are also true.
Why do they need a (expensive) veneering machine and a patent license just to make banana fibre ?

Just more stories and clutching at straws.
It's been a while since the last E-newsletter. Wonder why ?
Awaiting the next amusing chapter.