The team at Penrice has held the company together for another year. I previously posted that I would be surprised if Penrice made it to Christmas 2012, they did and I congratulate them.
It was an excellent effort given the state of the plant, the new Carbon Tax, the exchange rate and almost $100m of debt.
This year they have to deal with a tussle for control of the board first, then debt repayments, keep the plant going and pay their Carbon Tax.
I hope that those shareholders who needed the money have got out by now.
Good Luck.
Bacci
PSH Price at posting:
9.0¢ Sentiment: Sell Disclosure: Not Held
