Tarecq - after my discussions with Patersons a few months ago...

Tarecq - after my discussions with Patersons a few months ago they gave me the impression that they were holding a large portion of their PYMO and PYM holdings on their books instead of on-selling them to their clients... It's a large play for them, resulting in a risky position, but I was surprised to see that they are net buyers rather than sellers.

I wouldn't see them looking to sell their whole position on market so maybe they have longer term T/O intentions in mind or waiting for a large insto's to tap them on the shoulder and show interest in their large holding.

I wouldn't trust these guys as far as I could throw them because business is business and they're here just to make money. But on another note, if they're increasing their holdings and knuckling down further, it means that they see value in their position and i'd take that as another positive signal for PYM/PYMO's (+)ve SP performance.

Once market sentiment changes with PYM, things will start to move quick - just like we saw the quick spike up to 1.4 cents. It doesn't take much volume to get this machine going so we just have to be patient and wait for the change.

Keep using this opportunity to increase your exposure.

Good luck everyone, these are very interesting times - especially with a 1:1 cash backing!

GC