pgh chart, page-67

magnitude of price falls not unexpected.

two issues
1. that massive write down means directors are saying future profits will be down. auditors have to sign off on goodwill. auditors are saying nope we don't believe your future profit, so you can't carry that goodwill. it's not the write down that's important it's the reason for the write down that's important. The market knows this, even if some on hotcopper are ignorant of it.

2. PGH is carrying heavy debt. if future profits are down, then servicing the debt could become a problem.

Someform of management buyout I think is a low probability. compare forecast ebitda to enterprise value and it's not very cheap yet. since debt is constant the share price will need to fall much further before PGH becomes cheap on an enterprise basis.