Ann: Change in substantial holding from ZER, page-9

So if ZER and AF are not participating at 7c then why should we?

WSA has a clear ancillary reason for investing but without that, maybe the CR just doesn't stack up on its own merits.

We may well see the Ni price levels linger lower longer than expected and we may well see the mine on care and maintenance for an extended period. Maybe PAN can subcontract WSA to do a whole new redesign of the mine and then operate it instead of Barminco.

The mention of another loan would cause a riot right now but give it 12 months or so when the money runs out - the directors may decide it is a good idea, again. So as I said before PAN is at the mercy of WSA and to a lesser extent ZER and perhaps in time loan sharks and financiers again.

If I was was wsa I would use PAN to complement my own mines. Of course officially the board has to act in the best interests of all shareholders etc... but in reality that doesn't always happen as we PAN shareholders have experienced. Also there is nothing to stop PAN from 'trying but not trying as hard as they would' if they didn't have WSA as a major shareholder and on the board.