Ann: Appendix 4C - quarterly , page-7

Life support times!!!

Last quarter they got rid of the so-called Australian Advanced Manufacturing Centre Pty Ltd premises which basically consisted of a hut at Thebarton (I’ve visited!!) Given that the Directors and MD have “foregone fees”- the staff costs of 32k for the quarter seem to indicate ONE person to answer the phones, and process the ASX and all the tax stuff. Maybe Phoebe Azar is running the company out of Ramy’s home office?
Payments for other “working capital” will include all the ASX fees, accounting fees, company rego etc etc so at 74k for the Quarter and 367k for the year clearly NOT MUCH is happening in R&D. That cost presumably also includes the cost of the MAP Capital Advisers review as well.
There is no Yellow pallet anymore, there is no progress on building the buildings or anything else in Egypt, there is no progress on finishing the veneering machines (in Vietnam??) to make Egypt work anyway, there is no vestige of activity at Walkamin. There is no ANYTHING.
Last Quarter there was just over 100k of expenses, and PPY was only rescued by 147k of magical inflows from “R&D Tax Refund”. There is only 50k of Ramy’s facility of 250k left to draw down. So, cash in hand at 30 June 151k plus 50k available from Ramy means just 200k left (unless more magic tax refunds occur).

MY PREDICTION:
Most likely outcome of the MAP review?? By my reckoning PPY can be used a back door shell. (This is a bit like I have seen for CAQ recently). Perhaps a lengthy suspension and a 10 for 1 consolidation 130 million share reduced to 31 million shares worth a cent or two each, and the issue of 250 million new consolidated shares (total 281 million) and we go off on a brand new adventure!!!!!
Let’s see…….