It was almost a problem not so long ago that they were so close...

It was almost a problem not so long ago that they were so close to that 20% mark as they couldn’t lend further support to PEN… perhaps the clue in how much PALA are selling down now is in how many options they hold?? In which case their Vwap ‘exit to exercise’ will need to be preferably above the 3c mark. 40 million under 3c 60 million above then exercise early etc.

Most funds are/have been doing particularly well in the US. So as you say it could be recognising paper-loss to offset a higher average early on by using an options advantage to stay under the 20%...who knows..but the selling has been absorbed so by whom?! I can’t see the current sub holders wanting to dilute too hard at these levels...most have higher averages - including citi/blackrock/pala etc.

It felt like a bit of 'arge barge'/artificial SP push down on market in recent months with the new kid on the block ARSA.. perhaps to test their resolve.

U sentiment seems to be in the process of making a 180 turn... so any manipulators will have their work cut out for themselves soon imo. Especially on a quality u junior such as PEN

PS. i’ve been on PEN for many years and just like to say I appreciate the input from all the regular various characters on these threads. The drama has been great lol.

Hopefully PEN are in for smoother sailing from here on out.


Good luck all.