Did anyone that bought today actually read the September quarterly financials??
I think I know why the shorts are piling on, the company could be nearly out of cash entirely. They don't have 5 months for bonds to be rolled over. The cash outflow last quarter was $US32M and that was after drawing down $US20M from loan facility.
That left $US27M in cash and $5USM of the credit facility IIRC. Without drawing down the facility last quarter, the cash outflow would have been $US52M.
If they run out of cash, game over. $US753M total liabilities. Company losing cash hand over fist.
I personally would sell every share I could as some large holders are doing. IMO this could go to the hands of administrators at any time, explains to me the huge selling for whatever they can get.
I wouldn't even look for a short term trade on this, as I was thinking earlier.
PDN Price at posting:
6.1¢ Sentiment: Sell Disclosure: Not Held
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