agm.....another view, page-20

Purd

It's a fair question. And I'm betraying myself and my fundamental beliefs in how I assess companies as investments.

First, let me point out that smarter minds than mine have no sentiment, yet they are more vociferous in their praise of the company. So if it's a conflict for me, it's a conflict for others.

Go back about six weeks ago, and my sentiment was LT Buy - which it had been from the time that I assessed this company as a potentially profitable investment.

When the communications channels broke down - perhaps irretrievably - when mixed messages became the new norm I assessed this project as a 10/10 and management as a 6/10.

Sentiment, consequently, went from a LT Buy to a Hold.

Then, in the face of greed becoming the new overarching priority, Quest in the picture and sure to eat into PEN's business (and now I read that Cady may have re-entered the fold), the project, because it's getting more difficult by the day to get a handle on it, is now rated by me as an 8/10, management a measly and deserved 2/10.

Now, a 2/10 for management should have scuppered this investment. This has always been the case in past times, except for now. And that is purely because of the PROJECT, which, in my mind, has enough residual value to get it back to high single digits.

So let me be very clear: I BELIEVE IN THE FUTURE OF NUCLEAR ENERGY AND NOT IN THE FUTURE OF THIS MANAGEMENT TEAM. Whatever prognostications I make going forward simply relate to the uranium space, of which, with PEN, I am (perhaps to my chagrin) heavily invested.

Those who are happy to engage in a deadly embrace with management, be my guest. Some may say they (project and management) are inexorable. And I'd agree. So it's a case of being both stubborn (I hate being wrong) and believing in the industry.

PROJECT ON ONE SIDE: GOOD; PEOPLE ON THE OTHER: BAD!

So now I hope you know where I stand.