Ann: Change in substantial holding, page-7

Welcome back to PNR.
As you say, L1 has it's fingers in both pies and.... after being a long term holder of WGX (relatively speaking), any small 'loss' in selling some of it's current holding in PNR, will be more than recuperated if WGX offers a substantial premium and in turn, gets the most out of the Norseman assets (which will in turn benefit the enlarged WGX).

PNR research reports

When I look at the two broker reports available on PNRs website (one report is arguably a lot better than the company presentations), I get the feeling that the market is perhaps rightly unimpressed with PNR, when I compare it to say, CYL (planning for 200k within 3 years), or CMM, aiming for almost 300k in 2 years, or GMD aiming for 300-400k in 4 years etc.... big growth.... versus this.... perhaps 10-15% per year.. for 6 years and still no-where near 200k+ p.a as spruiked by the company itself (to be clear, this is a project from Hartley's, but they clearly spoke to the company before putting the report together).





Then you have the mammoth Camaccord report





This whole section largely explains why PNR.... is stagnate. Particularly, when PNR took almost 2 years to ramp up their production... 2 years... (literally 2 full years, as of the 14th of Oct) of stagnations and scurrying... the above list of raisings does not include the raisings before PNR merged with TUL....
For context, Paul, the MD has been at the helm for 13 years now. The capital structure as gone from 500m shares, to.. 6.5b - or a 13 fold increase...



A shame the only model Halls value at $10m.. Better than nothing I guess.



I do like the way they interpreted the exploration plans.



We have touched on this before, but... with a small chance of a change of control... I think it pertinent to remember just what the incentives are for the MD. Incentives are the true drivers for decision making process. Tranche 1.... perhaps not that far away. 2 & 3... now that is a different matter.





Anyway, I don't think WGX will be making a move just yet... needs a little time to start sharing it's growth story (but.. who knows... a deal might have already been done!). Perhaps with real exploration success, PNR could surprise the market and any acquirer.