Extracta, I have valued much of your comment and agree with your views on PDN management, but are you saying that EdF made prepayment for an order from PDN out of the goodness of their hearts, through concern that PDN might otherwise go bankrupt? Are saying that CNNC acquired 25% of LHM through similar concern? CNNC were in fact stalling over the purchase, so John Borshoff raised institutional capital which then put CNNC into a position of not wanting to miss the opportunity and they proceeded with the buy. By the way, CNNC have never contributed their share of the running costs of LHM. Most companies that have handled huge debt have had the luxury of sustained commodity prices. Look at FMG last year when iron ore was down. The company was saved by a recovery in iron ore price. PDN would have also handled its debt under favourable spot recovery or even if it had just took out long term contracts. CNNC, CIC (bonds not due until 2020), and EdF have only had the opportunity to pull the plug since the prolonged refusal by CNNC to acquire 24% of LHM led to advent of the first restructure proposal. Ever since it has been a "good guy bad guy" routine by this trio to impede restructure, or as I have generously suggest before, they are just following their respective legal pathways with no other intent. Maybe soon there will be no further opportunity for friendly discussion on PDN with the valuation to be completed shortly. On the other hand, funny if PDN survived (must be dreaming).
PDN Price at posting:
4.7¢ Sentiment: Hold Disclosure: Held
(20min delay)