$1 breakout attempt #4, page-63

Another option for them - and perhaps a better one - would have been to push up the price of SMM shares (there are only 8% of them out there for trading) by buying them from the current share price upwards. That would leave them holding all except Areva's 10.46% of them - a blocking stake.

Then do a deal with Areva, who would just LOVE to get access to the Valhalla and Skal resources up near Mt Isa, especially now that the Qld Govt have said they will allow uranium mining.

That could have reaped PDN a huge windfall for that asset, plus avoided the $44m write down they are facing due to the current low price of SMM shares.

Would have been a better option, methinks. It would have left PDN with all of its stake in Namibia, and also avoided the dilution of an institutional placement. Not to mention the bad will among the retail shareholders and others who aren't part of the cosy UBS brotherhood...