Ann: Investor presentation updated for 31 August announcement, page-10

Trying to address a few comments above -

Rob Levinson - his whole address in the annual report is about structure change and how great thing are going to be. Completely oblivious to fall in performance this year. Take a hint from the fact that his 3 years of directorship in PPK has seen its share price sink like a stone.

The CEO's commentary is hardly better. All about blue sky and little about performance and how to improve it. Expenses have blown out and return on asset has plunged from 12.1% to 6.45% - investors are better off putting their money in an REIT. Far less hassles of management.

They keep blathering on about acquisitions - with what money? Debt is $50 m already and an enterprise value of $120 m means it exceeds assets by $20m. Return on EV is 5.4%.

The financial performance has to lift before further expansion. Management has to focus on quality of resident care and profitability. Shareholders need to give a heavy boot up the ass of the BOD before they screw it up too much.