Ann: 2016 AGM Presentation, page-103

pie funds was selling at the dollar mark, that prompted me to have another look and sold out as well. Still think this has a decent future but they have struggled to get the traction they need to compete with their larger competitors and its no longer on the low multiple like it was in the 40s and 50s.

the brazilian real has strengthened in recent time so if they get traction there it might turn out well but they will be cycling the lower pound for awhile and the euro doesn't look like it is going anywhere soon. So it'll take another year for currency devaluations to cycle out.

The company has form blaming currency values for their problems as they used to complain about the difficulties with the high AUSD during the mining boom and I bought on because of the lower ausd and reduced debt profile.

For me it going past $1 any time soon seems difficult without something coming out of left field again as it should prove to be a resistance point