Looks like the opportunity for Mums and Dads to get out in the 30s might not last much longer.
I expect the rapid fall in shareprice will continue through the 20s and 10s but level out arount 5 to 8c for two reasons; a) At that price most investors will have so little value left that they can't be bothered with the trauma of realising their loss. b)There may be some option value in participating in a restructure if the banks do a debt for equity swap to salvage some value. I think this is unlikely because no matter how much lipstick you apply to either end of Penrice it is still a dog.
It is hard to see how PSH will get the next bit of cash input it needs to keep wobbling along. The banks must be getting nervous.
Bacci
PSH Price at posting:
32.0¢ Sentiment: Sell Disclosure: Not Held
