opinions?, page-3

Nice positive reply from bacci there.

This is an interesting one, and so I'll paste a section from the Chaitman's Report in last year's AR:

"As announced to the market, Penrice’s statutory loss for the 2013 year was $50.1 million, of which the majority was impairment. The underlying loss was $21.4 million. In turn, the company’s net asset position as disclosed in the balance sheet is negative $47 million, with bank debt standing at $103.5 million.

We have made no secret of the fact that this level of debt is unsustainable – indeed, given the negative net equity position, we are only able to continue trading with the support of our banking syndicate."

It is somewhat ironic that a company called Penrice Soda has closed its Soda plant. But it has formed a joint venture to import the stuff and use it’s existing marketing network and clients to sell it. A somewhat unusual strategy, but as stated in the AR, it has the support of its bankers for now.

I would not recommend this stock for anyone not already in it, but if you're stuck holding some, my feeling is that it may be worth holding and hoping, rather than dumping for a tiny fraction of what you might have paid.