Well, I just hope PLS' chairman, Tony Kiernan delves into his past experiences as a chairman and DOES NOT rush to start paying 'maiden dividends'.
Tony had a crack at 'maiden dividends' 10 or so years ago with an IO play called BC Iron, of which he was chairman. They paid 4 or 5 dividends over 2 years at the top of the IO price to their oblivious shareholders instead of reinvesting and lowering BCI's high production costs. The IO price subsequently plunged and BCI had to shut down it's Nullagine mine and all but went to the wall. Nullagine, to the best of my knowledge, has never reopened.
It's taken BCI 10 years and a new management team and they are only now recreating themselves as a Salt & SOP play at Mardie WA.
Let's hope Tony's learnt from previous mistakes and continues to reinvest in PLS to lower costs AND debt FIRST - there will be plenty of time for divies in the not to distant future.
GLTAH.
Good News & Bad News, page-13524
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