Ann: Change in substantial holding, page-23

"This is, per se - a bet on the U market increasing into 2015. Make no mistake"

Precisely Gav - 2015 and beyond!

A small or sluggish rise will be the main potential dampener - not just for PEN of course but for all producers.

There is also the Hearing outcome expected in a couple of weeks. It's really impossible to take an educated guess on this. The contentions could easily be thrown out, but the opposite is also a possibility. The worst case scenario is likely to be additional license condition work with the potential for further delays. I have no position other than believing it could go either way.

But it's a sideshow compared to the U price (and the associated demand for long term supply).

If the U price gathers steam ahead of expectations, then yes, a further investment here is likely to turn an excellent profit.

And, of course, Gus wants his performance options.