results of meeting-pen energy, page-4

Actually went through email so I didn't catch him at an inconvenient time.

I'm not sure how many people have similar concerns but for anyone who's interested Gus' reply was

"AGGRESSIVE TAKE OVER ATTEMPT CAN OCCUR, HOW SUCCESSFUL THEY ARE DEPENDS ON SHAREHOLDER ACCEPTANCE. DUE TO THE SPREAD OF SHAREHOLDING IT WOULD, IN MY OPINION, MORE LIKELY BE A FRIENDLY APPROACH AND WOULD NEED TO BE ACCEPTABLE TO MOST SHAREHOLDERS AS OUR LARGEST SHAREHOLDER ONLY HAS 6% OF THE COMPANY AND THE TOP 20 ONLY 22%. THIS IS MY OPINION ONLY BUT IT IS WORTH SOME THOUGHT"

He's right to a point but what he's pointing to as a plu could equally be seen as a minus. The top 20 only hold 22%. These are the guys I would rely on to make the best decision. However it would seem to me that the majority of the decision would come down to smaller less well informaed holders who may very well jump at 10 or 11 cents as it represented a doubling of their investment. On the other hand I think most of the LT holders from HC would be bitterly disappointed if forced to handover their shares at this price. I hope that this sentiment will also hold for the majority of share owners in PEN.

Illiquid