Hey @Kiwi67 thanks for the great post.
For someone like me who is new to the share market and isn't particularly familiar with this sort of behaviour as I am quite trusting that directors have investors best interest. I did however find it a bit difficult to follow what was happening...
So what is really happening here? Three companies (DLC - 15.1% or 11M shares, CFE - 26.2% or 19M shares, and European Metals have the rest). European Metals are a smaller private company that want to take over a public company PNE as it would save them a lot of time trying to register European Metals on the ASX? Once the reverse takeover is complete PNE will have a 58.7% share holding. However, as people have mentioned this will be dilute considerably. I guess this mean that DLC and CFEs holding will be dramatically diluted. 550M shares on offer after options? Meaning they will only really hold 2 and 3.4% of the total holdings? Suddenly doesn't seem too great.
Also the resource size is a bit misleading.![]()
They note that they have 3.7Mt in the summary. They also state later that they have 10Mt Inferred. But according to the table, about half of this is outside the mining licence? A resource size of 13Mt of spodumene would be great...but they don't have that.
I'm a bit confused and might have my facts wrong. Will research the directors like you say.
Thanks again,
NN
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