Ann: PEN Investor Update - May 2012 , page-55

Let's say a CR does happen around mid 2013. It could be an opportunity for shareholders if the planets are aligned, i.e. Euro doldrums eased etc, U price up as well as PEN that much closer to production and if management release a couple of strong announcements during the period prior to acceptance.

Recall SSN Samson a couple of years back announced CR for around 3c from memory, and before the acceptance date the SP had increased to around 5c. It was a no brainer at the time and a huge windfall for shareholders on the register when the CR was announced.

I don't worry about no of shares on issue as it all about market cap.

My biggest concern always is the company could be bought out as cash reserves start to signal a raising is necessary. Perish the thought.