Ann: Appendix 4C - quarterly , page-3

So it seems PPY directors are now going to use the old chestnut excuse of ..... "difficult economic circumstances in the world economy and particularly in the markets the Company has focussed its efforts".

The partnership in the yellow pallet project has now officially "broken down" (yet another reationship that has ended in tears, and probably litigation) and what's this "valuable knowledge" the company didn't previously have but is now "utilising" ?? PPY is not using or doing anything as there are no more projects, partners (or money) left.

No further resources are being spent on promoting PPY-Egypt until the internal conditions of the country improve. (Just as well, 'cause PPY have no more resources anyway !)
Don't hold your breath waiting for the ecomomc conditions in Egypt to improve suddenly. What's plan B ?? .... Maybe another European and Egyptian trip for the MD ?

Many commentators, and shareholders expressed concern about the economic outlook in Egypt when PPY first went there but were assured by the Board.
In fact, the 2011 annual report (only 18 months ago !!) to shareholders reported that "We are confident that our choice of Egypt remains the right one because of the hunger in Egypt for a new indigenous fibre source, coupled with our established strong networks and contacts in that region, and the fact that it is a strong banana growing country, with established infrastructure and good logistical connections with Europe."

Whatever happened to those strong networks, the promised government soft loans, the appetite for indigenous fibre and the alleged supportive and well connected Egyptian partners. ??


.... and whatever happended to the agreement and project with Nag Hamady (announcement Oct 2011) ?

I suggest that the Board purchases a large mirror with their last $50 for a collective good hard look at themselves.

What a sad and sorry tale.