Ann: Prospectus, page-8

And the negative case...

PAN used to be just about the Ni price and participating in the CR may have been be worth the risk if that was still the case. At present small shareholders are just donating to the larger shareholders to keep the company going as the price declines to a point where someone will take the ore body for next to nothing. Board and management have not been able to fulfil their promises and there has been one cock up after another from financial management to operational issues. Management and board have shown they fail to effectively manage risk. There is every reason expect more unexpected problems. If the Ni price does go gang busters it is more likely than not that PAN would be non producing in the middle of another crisis. Question: If the CR was such a good deal then why didn't large players jump at it. Answer: It is not a good deal.