Ann: Enthusiastic Share Purchase Plan Take Up, page-20

I doubt there is a day he is not on the beers.
I have been with PEN for years now - still am.
The purpose of this SPP is too flaky for me.
Maybe I am missing something, apart from the attractive discount.
To me this just says, we burnt way more cash than we thought, now we need more.
We have heaps of costs this can go to, non descript working capital or we may decide to chip a bit off the debt. Actually we don't know how best to use a windfall of $6.5m.
We have no plan. But that's OK, we can go to the well and there will be more money there.

Sorry Gus.
I saw you present (sell) in Melbourne years ago.
You got the plant built and running - well done.
But it's pretty straight forward stuff.
So did Natural Fuels in Singapore with biodiesel - I know I built that for them.
Where are they now ? The biodiesel plant is a crude oil storage tank. NFL are long gone.
It amounts to not much if the assumptions on the future market are not correct.
Admittedly that is hard to get right.
Now it just seems we are burning cash waiting for the U3O8 contracts to change.
Eventually you will be right......it is just a question of how much dilution and mined resources until then.

Anyone, if I have this wrong, give me a heads up.