Ann: Resignation of CEO & Managing Director, page-7

Today's Amcor (AMC) presentation - page 9 - this is what PGH would look like if it was successful. Instead - their pre sig EBIT margins have been (from 2015 to now) 12.2%, 11.8% 11.5%, 9.9%. Good margins in the recent past, but getting worse fast. Where is the EBIT margin heading? It is like the joke about how to become a millionaire - start with a billion dollars.

2018 Return On Funds Employed is about 12% at PGH. Far less than amcor at 19%. In 2015 - PGH had a ROFE of 17.5%!!!

If my calcs are correct, you can see a big problem. Follow that trend . . .