Using T+3 as a reference point, today is the last day holders can sell part of their stock (if they have to)to fund the entitlement issue if they are using BPAY. If they write a cheque which relies on those funds they might scrape it in with a tomorrow trade, however that is not a chance I would be taking for fear of cheque developing rubberitis.
With 25% of the shares locked up with AMP and GRAM, I feel that stability should return, and we will move away from this stooging around the .40 mark. Hopefully we shall soon see another Insto or two jumping on board.
As you say, Mx, today is a good day if you are a new entry buyer.
Stu
PNA Price at posting:
37.5¢ Sentiment: LT Buy Disclosure: Held
