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International Investing / Australia (All-Ordinaries)


Subject:  Re: PDP Date:  1/31/2002  8:27 PM
Author:  fatcassie1 Number:  3444 of 6186


I dont know what to think about PDP. I know the chart looks interesting and they might be recovering for all I know. The Shareholders assoc. for one is very unhappy with some aspects of the way the management run things..Quote fron the last asa newsletter..

"We asked the Auditors about the soundness of the financial reports ---
bearing in mind that their annual assurances to shareholders over the years were followed by massive writedowns , writeoffs or losses--
they responded that the accounts were the directors responsibility, and thet (the auditors ) faithfully followed prescribed auditing standards"
There is also a lot more they are not happy with, inc an $100.000
performance bonus paid for God's sake..

I keep thinking of that old saying, beware of yesterday's market darlings..
This company has eroded a lot of shareholder wealth over the last 10 years, but maybe it's about to turn aound and the chart is reflecting that, perhaps?

well my 2 cents worth.....
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