general info, page-12

I agree with Doniac as far as timing is concerned. By nature one would only threaten this kind of action if the company was struggling. So their will never be a 'good' time for this action.

In fact, if the action goes ahead post August deadline, PNO are most likely in a far worse position than now. ie no launch in Aug and the rights issue may have already failed. Then it will be impossible to attempt any action.

Having said that, I believe the right decision has been made. The action wasn't as important as the message. They may have got the message already.