Citing institutional holders as a reason you've got a good...

Citing institutional holders as a reason you've got a good investment is perhaps not the best reason in the world but it has some merit behind it in that they do tend to have teams of professionals doing analysis. Can they get it wrong? Sure but again, we don't know what the timelines of their strategies are yet...

Citing a correlation between an insto holding and an SP decline is pretty much the definition of tenuous. Seriously, I know you don't like PEN and I know you've got some solid reasons for your doubts about their ability to deliver - but that kind of logic is seriously grasping at straws and really just makes you look like you've got an axe to grind for some undisclosed reason... stick to logical arguments (of which you've made plenty regarding production issues at the various headers in the past) and I think we'll all be better off.