PWN Partly Paid Shares

Hi all, Just thought I would share some background info about the PWNCA shares and also invite discussion as to whether they are a decent investment at this price.

I have been a holder of PWN since the IPO in 2011. It was a Potash play with a lot of promise, so seeing the price swing from 32c down to almost nothing was disheartening. I did however, hold half my shares and try to wait it out. Since then the amount of shares went from under 100 million to where it is today, almost 2 billion shares. I know there are still holders here from the early days who have kept their shares in the drawer so I encourage their input as well about the partly paid shares.

I participated in the 2013 PWN 5c capital raise to buy an area of Potash fields in South Hartz which would later be turned into Davenport resources. The subscription included free partly paid shares to "thank shareholders for their loyalty" where originally, the partly paid share price was .1 cents paid and 4.9 cents unpaid. It is now though, .1 cents unpaid and 1.9 cents unpaid. Since then I have bought the PWNCA more than the normal shares as they were 0.01 and 0.02 at the lowest point, making potential upside attractive at .1 cents (they couldn't get any lower at that point apart from the company dissolving completely).

My opinion, which means very little, is IF the company can turn things around under Bahay, the PWNCA shares could be a decent investment. I have looked recently and the company can only make a 1c call at a time at a minimum period of 6 months (please see attached website screenshot). In the months after the subscription (which was over subscribed as well), the partly paid shares were trading at over 2 cents but slowly dwindled down to .1 cents and .2 cents as just discussed. I know there are some holders who have been in this co. for many years so they will also be able to confirm or correct me with the PWNCA. I thought it was worthy of a discussion as the PWNCA are starting to move a bit. I welcome correction and education on this. Right now, they are trading at 0.05 cents. I have always wondered if the PWNCA shares get to 1 or even 2 cents, if the company were to make a 1 cent call, what would happen to the remaining 1 cents call? There seems to be some information that I am missing about the PWNCA shares. The ASX has info on partly paid shares but nothing substantial so I might contact PWN and ask them directly for their terms. Any news that I hear back, I will share here.

Here is the info from the website.

Cheers all and best of luck. They may just turn around PWN yet! You never know? Look forward to your feedback!