peer analysis :pen :pdn : ext, page-14

Agree that PEN is in the pole position for a takeover but I would be surprised if an offer is made before we have the licence to mine - sure, the price will be higher after we get the licence but the risk of the takeover entity buying nothing is minimised. Maybe a bit of prepositioning - which will come out in the reporting no doubt.

The interesting thing about last week is that the only change in shareholding we were notified of was from UBS who changed only a small amount.

Given the huge buying going on, it might be UBS/Pala just trading for short term gain only to end up with the same holding when they have to report. Otherwise, there are a hell of alot of Mums and Dads getting on board.