Ann: Chairman's Address to Shareholders 30 Nov 2018, page-2

Chairman's Address says:

" Our Managing Director Ramy Azer will give a presentation after the formalitiesand will take questions." and "I will leave it to Ramy Azer tocomprehensively address the status in Egypt later this morning.". 

Also:

"Product sales have commenced in Egypt, revenue has been received by EBFC, and the EBFC sales revenue forecast for the next two years is LE28m (Egyptian Pounds)."

Trouble is Ramy's presentation has NOT been reported so there is no way to know just how much money had been received in "sales". 28 million pound over two years sounds a lot but it is only 1 million oz dollars a year. Harly enough revenue to runa factory with dozens (allegedly) of employees. Let alone as an exemplar for the PPY obbsession with eing a technology licensing company rather than actually doing anything....

It's now even worse because of the plan is: "To facilitate this objective, the directors wish to convert company equity in Papyrus Egypt to a contractual relationship with EBFC, which does not require us to contribute any resources to the operating entity in Egypt. Nor will it create any financial burden for the company, and will enable us to pursue other opportunities already identified. The IP Licensing and Royalty Payments financial model is based on a percentage of sales to reflect the equivalent cash flow of what we would have expected to achieve if we were a JV participant in Papyrus Egypt – but without the necessity of contributing to Capital and Opex to the venture."

This neat trick enables PPY to NOT have to declare the current Sohag plant operational details, and effectively NEVER have to reveal them. The net effect seems to be that PPY has given away all the operating assets of the comany to Ramy's friends in E

gypt in exchange for nothing at all. Am I wrong here- someone can correct me.