I had to concede defeat on this one and I sold out the majority of my holding at 18c straight after the latest update. Normally I would put them in the drawer as I hate selling out at the lowest point but I am in the process of changing houses and there is pressure on the finances unfortunately. This is a stock that could attract a fair amount of tax loss selling so I could not see it trading at a higher price during this period to the end of the financial year.
The thing I liked least about the latest announcement was the comment about bank debt being $80m. It was $73m at the six month mark so it has deteriorated badly during the last few months and the bank will not be happy with this.
Tough times ahead for Penrice but they are not alone. Manufacturers generally are going through hell. Considering the level of the dollar and what they have faced recently, the announcement was not that bad but just not what I needed at this point in time.
GPASAS
PSH Price at posting:
16.5¢ Sentiment: Sell Disclosure: Held
