A recent poster (rochysback) has hit the nail on the head, PNA could well be heading for a placement to boost cash reserves and pay off some pending debt.
Good old JBW are very hush on PNA right at the minute, why? Maybe a placement to their privileged private client base is in the pipeline and those same sophisticated private client investors are dumping PNA at market to get their hands on cheaper stock, oh the markets a cruel game.
If so that would explain the wave of sellers, and to think that the stock hit 16c today.
Debt is a problem for this stock and how ANZ could not force PNA to hedge 50% of production when copper was at $4 is beyond me, what a mistake.
ANZ need PNA alive and kicking or a provision of $350 Million will not go down well with ANZ share holders. I have also bought this stock in the past and never thought it would see these levels.
Bower, $125K in profit and you’ve ridden it all the way down to all square, gee wiz that’s a bitter pill to swallow.
PNA Price at posting:
12.3¢ Sentiment: Sell Disclosure: Not Held
