what is pna's real vaule, page-21

GXB
I have no idea what Goldman are saying. All I did was illustrate where their cash flow is going an that they are currently dependant on the copper price and that if the loans get called in they cannot pay.

I have no idea if the loan can or may get called in but that is not a risk I would take.

Alternatively if copper falls to say 1.20 then the company will run out of cash and if they cannot raise any funds the directors would be forced to call in a administrator.

My view is that companies like PNA with large debt and limited cash flows are just a gamble at the moment. They could double or go to zero.