I also fully agree with Autosime. The AGM Address to...

I also fully agree with Autosime. The AGM Address to shareholders did a very good job of getting their message across to the political elite in Canberra while abstaining from any opportunity to put a positive spin on PRT.

Any other CEO would have jumped on the opportunity to put a positive spin on a company that has just 'experienced 16% revenue growth on the prior corresponding period' and that showed 'revenue growth has continued into the second quarter'. Normally this would be in the first paragraph of a CEOs address but that wouldn't help them relay the message that they are trying to send.

One reason why people may be selling is due to the Chairmans statement that, 'we will be considering diverting funds from dividends towards debt reduction'.

We all know how much some 'investors' love their dividends and for whatever reason see the value of a company greatly reduced when the dividend payment is reduced. I mentioned it once before but you need to look at a companies earnings per share and not what the dividend is. The CEO mentioned a few months ago that they are going to start holding onto cash to take advantage of any opportunities that may arrive if or when the media laws are reformed.

Sorry for turning this into another long post but another comment that they made in the address that I found interesting was that the advertising spend in Australia is expected to increase to $19 billion from $14.4 billion by 2020. To me this shows that companies recognise that they need to advertise across a greater range of platforms but rather than reducing one, ie Television, they will continue to spend big but also include internet advertising as part of their advertising spend. The CEO gives a few figures but the bottom line is that although advertising revenue has decreased over the last few years they are far from losing out altogether. The fall in advertising revenue is definitely not inline with the last 12 months fall in share price or more importantly, what is being forecast.