take a step back - see it for what it is, page-31

Allow me to put it this way,

The manner in which PAX has announced certain project details, particularly in relation to timing, PPA's and costs is very typical of a bunch of green operators. By green I mean fresh. Even the means of financing suggested back in the day were never going to fly, hence PAX being sucked in to the Molten and other questionable deals.

PAX have a couple of technical brains, and yes a CFO running the show is not the worst thing that could happen by any stretch, but I am making the point that the expectations that many shareholders have would not appear to be consistent with the realities.

All in all, PAX is relatively cheap, so with any good news such as real progress it could move, assuming the overhang does not persist.