Ann: PEN delays Production & Accelerates Inhouse Resin Processing, page-126

Yeah - sounds like the conference call was dancing around the issue of the UEC cancellation.

To put it bluntly - the resonse from the PEN management was insufficient and a really good reason for investors to sell, especially after hearing the dismisive "shouldn't speculate on the reasons for UEC actions" line.

The uncomfortable reality and the elephant in the room s that there are three obvious possibilities:

1. UEC have acted deliberately and it's a malfeasant attempt at destroying a competitor - rational competitor behavior.
2. UEC have acted in their own interests because they will make more money treating their own resin = understandable profit-related logic
3. There is something wrong/incompatible about the PEN product that UEC could see coming and risk mitigation by them

In cases 1 & 2 the PEN board and management are incompetent and naive, in case 3 the PEN board and management are incompetent and liars.

Not a very comforting selection of possibilities for current and future investors in PEN is it? If they are incompetent, then do investors trust them to execute to perfection in tight timeframes, with limited resources in a wildly cost-inflationary environment, and for everything external to go right for them with no further externalities?