Following a research review, we are ceasing coverage of PGC to focus on WA-based industrials. PGC currently has a $70m capital raising underway to help fund a number of acquisitions and continue its consolidation strategy. The new businesses are expected to be accretive to earnings and we believe the risks associated with the integration of these large acquisitions are mitigated to a degree by successful strategy execution to date. We cease coverage with a buy call and a $1.20 valuation.
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