Totally agree Vintage - that is precisely the same conclusion I came to.
The dilemma we have is we don't really have a solid baseline from which to now value PEN, other than the price the company masters have now taken the collective controlling interest.
The classic M&I pounds in the ground doesn't work - valuation is too low to tick the box.
This is likely also part of Gus' strategy to ensure there's no temptation for one single party with a 1yr opportunistic investment horizon to sell it too cheap. By all accounts some of those with their hand on the tiller now like the 3-5yr view more, so in a turning U market and the arrival of the long forecast supply deficit, value appreciation could be explosive.
PEN Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
