Ann: 2017 Bondholder Consent Solicitation Launched, page-21

I know.

CNNC didn't progress with 24% because it made sense not to. That's easily explained.

CNNC's new value, as I understand will be easier to assess and consider once value is attributed. At this point, this isn't 'triggered' until arbitration event deems it triggered. (As I understand it).

CNNC would have a figure in mind, make no mistake. But I'd like to think for SH's sake it was well about USD $400m - $500m. Their prior offers and 25% ownership might go some ways to validating this and perhaps being antagonistic as to their efforts in achieving a lower valuation.

I think AM is doing his best to shore up his options. He's advised, I think by liquidation/insolvency/restructure advisers (not to be misconstrued actually being insolvent). They'd know better than most how to protect their interests and lay a few booby traps, but the bottom line is - they would NOT want CNNC to go away as a potential suitor of PDN. It's one thing to be frustrated with a party, another to kick them out of the tent.

I'm agnostic as to the result, except that I think the quicker LH goes, the quicker the U market will have more take up from US/Europe utilities.

I hope you all do really well. It's too good an asset to see go the way of the dodo. I think PDN has a future. But if you think about it, a future with LH is a genuine yoke around their neck. Debt pile, pre paid EDF burden...those two are big enough obstacles on their own. Forget the U market.

I'll repeat. I see PDN with upside at $140m US without LH, other prospects being worked on, no debt and maybe keep the cash in the bank. Maybe a little downside on current U mkt conditions, but given where U is and where it can go to, a healthy upside for most punters in or around this mark.

Cheers