prudent hedge protects against market turmoil , page-15

Hi Damman
With cash, hedgebook and receivables worth over .90 cents per share at last update and today's price just .80 cents, it's hard to see too much more downside here. Yes, the spot nickel price is sorely depressed but as you stated in an earlier post, PAN can ride out at least two years of such prices thanks to the hedge and has massive cash reserves to boot. Just goes to show how little fundamentals count in this market, doesn't it. Still, it's a great opportunity for those prepared to buy and hold, especially when the attractive dividends are weighed in the mix. Personally, I've been in and out as acknowledgement that sentiment - not fundamentals - currently drives the market. Getting very close to pulling the trigger again at today's price.
May I ask what was the source of the projected 8% dividend you cited? What would that work out at if today's 5% fall in share price continued?
Thanks in advance,
Gupper