A chronology of hope triumphing over reality
Join PPX on
its quick journey from hubris to hope, then humiliation in five years.
Date
|
Event
|
Price
|
20 April 2006
|
The hubris of the PaperlinX in 2006 is breathtaking. A MUST READ.to set the scene for what follows. Read the Company
Presentation second from the bottom in 2006. It starts with ...
“PaperlinX is the world’s leading fine paper
merchant, with businesses in Australasia, Asia, North America,
Curiously, this was never an ASX Release. On the PaperlinX
website it doesn’t appear under ASX and Media Releases at but under Company Presentations.
|
$3.132
|
22
October 2007
|
Prior to now, Tom Park had bought 100,000 PPX @ an average of $4.026.It gets worse.
Buys 30,000 PPX @$2.90 on market. Confirm here and 70,000 PPX @ $2.754 on market. Confirm here MD buys at the market top. Good one Tom. |
$2.900
|
7 December 2007
|
S&P removes PPX from S&P/ASX100 index. Confirm here
|
$2.324
|
9 January 2008
|
New all time low - so early in the GFC!
|
$2.120
|
7 March 2008
|
Tom Park buys 100,000 PPX on market. Confirm here
|
$2.208
|
5 May 2008
|
$2.351
|
|
1 October 2008
|
PaperlinX announces “accelerated non-renounceable entitlement offer”
of 2 for 5 at $1.25, being a 29% discount to last closing price and a 22%
discount to theoretical ex-rights price (TERP).
It seeks $200M from institutions via a book build and $100M from
retail holders (if fully subscribed) via a prospectus. Release ASX Release
|
$1.750
|
7 October 2008
|
||
7 October 2008
|
$1.535
|
|
8 October 2008
|
Tom Park buys 100,000 PPX on market. Confirm here
|
$1.381
|
17 October 2008
|
Tom Park buys another 20,000 PPX on market.
|
$1.461
|
20 October 2008
|
Tom Park buys another 20,000 PPX on market. Why does Tom keep
buying?
|
$1.423
|
28 October 2008
|
||
3 November 2008
|
Harry Boon – Participation in Entitlement Offer - 6,000 shares
(prev held 15,000) |
$1.250
|
3 November 2008
|
Tom Park – Participation in Entitlement Offer - 120,000 shares (prev
held ?) Clearly Tom thinks
he knows better than the institutions, retail shareholders and the GFC.
|
$1.250
|
5 December 2008
|
ASX queries PaperlinX why PPX price dropped from $1.45 on 10 November
to $0.935 today
|
$0.935
|
11 February 2009
|
ASX queries PaperlinX why PPX price dropped from $0.655 on 12 January
to $0.315 today
|
$0.315
|
12 February 2009
|
New all time low close – GFC low close. Now we know why the non-renounceable
entitlement offer was "accelerated". Did
Tom?
|
$0.305
|
16 February 2009
|
PaperlinX lenders grant waivers. ASX Release
|
$0.325
|
16 February 2009
|
$0.325
|
|
24 February 2009
|
PPX shares soar over 100% on announcements of 16 February. This is
called a suckers' rally.
|
$0.745
|
1 April 2009
|
APRIL FOOLS DAY PaperlinX lenders grant waivers – huge penalties
paid PaperlinX. ASX Release
|
$0.540
|
13 May 2010
|
PaperlinX finalises refinancing - with important details about new
bank facilities and their flexibility to possibly make good lapsed
distributions on PXUPA.
|
$0.825
|
15 May 2010
|
A sick JOKE - reported that PaperlinX may pay dividend in 2011. Sadly it wasn't a joke
|
$0.805
|
1 October 2010
|
Toby Marchant to replace Tom Park effective 1 November. Includes
Marchant’s CV & package. ASX Release
|
$0.450
|
19 October 2010
|
Orbis resumes buying PPX ASX Release
|
$0.420
|
31 October 2010
|
Tom Park – Final Director’s Interest Notice - 860,000 ordinary
shares in PaperlinX, and not one bonus
share amongst them. I reconciled with ASX releases that his average price of purchased shares was $1.99 ASX Release
|
$0.445
|
4 March 2011
|
S&P removes PPX from S&P/ASX200 index.
ASX Release This is really
bad news.
|
$0.435
|
28 April 2011
|
New all time low close. Hey, this must be a
mistake as the general market hit a top in April 2011.
|
$0.290
|
13 May 2011
|
$0.205
|
|
18 May 2011
|
Toby Marchant reassures the market that all is well.
Now we know two more things about Toby Marchant - he can't sell paper
and he can't sell the financial press.
ASX Notice of Share Briefing: ASX Release
|
$0.190
|
9 September 2011
|
S&P removes PPX from
S&P/ASX300 index.
|
$0.098
|
5 October 2011
|
New all time low close
|
$0.068
|
21 October 2011
|
PaperlinX makes surprise announcement of stopping PXUPA distribution
for Dec 2011. Now we all know why.
|
$0.086
|
22 December 2011
|
Close before ASX Release
|
$0.081
|
23 December 2011
|
Trading And Strategic
Review Update ASX Release
A question for enquiring minds. Why didn't
PaperlinX advise of the Trading Update earlier, or later?
Same day was pure coincidence, of course.
|
$0.088
|
Bob Cratchit and A Christmas Carol
In the story,
Cratchit is first seen at work, where he copies letters by hand in an
underheated "dismal little cell", "a sort of tank". He is
repeatedly described as "ugly" and clothes himself in a tattered
white comforter, since he cannot afford a coat. Cratchit is treated poorly by
Scrooge and given a weekly salary of "fifteen bob" insufficient to
feed his family a proper Christmas dinner. Nevertheless, he remains loyal to
his employer, even in face of the protestations of his wife, who for years has
watched her husband work faithfully for the neglectful and stingy Mr. Scrooge.
Scrooge
invisibly visits Cratchit and his family in their small Camden Town
It is partly
through concern for the plight of Cratchit's youngest son, the frail and
crippled Tiny Tim, that Scrooge makes
the transformation from miser to philanthropist, offering Cratchit a raise and
"discussion of his affairs".
The offer mentioned 23 December is ridiculous and the PXUPA holders would most likely do better if the company was wound up. Directors should really focus on asset sales to reduce debt.
ReplyDeleteEd: Spot on Peter. I could say more but no point being sued for defamation at this interesting stage.
ReplyDeletethe timing of the asx release is deeply suspect - how long have they had this? why 23 December 2011 - these guys are joking. beware of the incentives in this game - management will be captured by pe - just look at Alinta etc - you have to play this game well if you want to get value for the PXUPA
ReplyDeleteEd: Very odd timing. Why don't you write to Mr Orr, see VIP Contacts, and ask him.
ReplyDeleteGood luck with this. I held Great Southern hybrids - got out before the end but management lies and denials are part and parcel of corporate life.
ReplyDeleteIf the 23 Dec offer is a takeover bid, is there a clause in the PXUPA prospectus that indicates PXUPA holders must get paid out their $100 before ordinary shareholders get any payment?? I'm on holidays and no access to the prospectus, but I think that is the case.
ReplyDeleteYes it appears to be a takeover / Change of Control, but maybe the existing directors will not recommend acceptance of the offer. ACCC will be informed.
ReplyDeleteI don't think ordinary shareholders should get a single cent until PXUPA holders get their $100.
in some ways we want say 50% of PXUPA holders to accept an offer of $21, this makes it easier to payout the remaining PXUPA holders in the future.
Maybe the takeover bidders are Chinese. In which case dividends are not impotent, and hybrid holders can sit on their units and receive no dividends for a very long time.
Winding up the business will be no good. There is not much to sell and the market is exceptionally soft. After administrators and employees rights, primary debtors, there will be almost nil left for hybrid holders.
ReplyDeleteThe biggest shock in 23 Dec announcement is further losses.
I have a gut feeling, the directors have been dealing with the takeover bidder for quite awhile. The directors seem to be acting for the ordinary shareholders, whilst hybrid holders should have the legal right to $100 per unit.
Everything has be long programmed .... Imparement valuations (which should not be used on hybrid units), ceasing distributions ... Takeover bid, few more steps to go.
Maybe in future months we will find ourselves collectively taking legal action against James Ore and PaperlinX
Brad Newcombe, ex~F.I.I.G specialist and holder of PXUPA, we need your expert insight
ReplyDeleteOne must really question what is going on in the North American market.
ReplyDeleteWhy was the President of Spicers removed from his position but still remains employed at Spicers in a minor role (Disruptive to the employees), and is trying to undermine the New President.
Why does the President of Paperlinx North America (Chris Creighton)continue to remain resident in Seattle, when clearly leadership should be centered in the key Los Angeles market???
It is because his wife refuses to live in California!!!!!!!!
Keep your socks on gentlemen, the road behind was only a precursor to what lies ahead.
ReplyDeleteEd: I now know why Chris Creighton prefers to live in Seattle, there are many reasons, but 3 blocks from the waterfront in a ritzy suburb is a start.
ReplyDeletePLEASE USE new CONTACT US so we can swap notes