The problem with PEN is they issued a heap of shares at low...

The problem with PEN is they issued a heap of shares at low prices and have done that a few times.
The report highlighted the effect that the heap of retail PEN SH were ignoring or didn't understand the linkage like you do.

Having been in (and out of) the stock when those share issues (wall papering the place) occurred, mainly trying to lower my average price, as did the PEN unethical "fan boys" who I maintain who took advantage of the less knowing by fostering the fallacy.
I posted in saying in shorthand that Fluffy was right - no doubt angering some.

I'm in both BOE and PEN and was surprised (but enjoyed) on previous the strength of PEN vi- a vis BOE.
Mostly I was angry at myself not buying more BOE and selling PEN. Still the whole call will come down to getting the U call right and I suspect there will be a further rights issue for PEN re - financing. That should earn me some more opprobrium.

Just trying to do the right thing and call it like I see it. You're right we're largely in agreement.

All IMVHO.