Ann: Response to ASX Price Query , page-13

NS
the reason I am suspect about this kind of analysis is
1 its flowed. Take the broker who quotes 534 m in debt but conveniently ignores cash after sale of LH of 300m
you also have to wonder, do these guys to their mates in the shorting desks some favours. The industry is very corrupt as we have seen from GS , libor bank scandal , JP morgan hiring Chinese govt officials children

I recall holding FZJ about 2 years ago at 40c. most brokers had a sell because of earning falling debt. I was looking at balance sheet an noted that trade me which was majority owned and listed ( this easily valued ) could in itself would wipe out 90% of debt. It was also the 2nd most heavily shorted stock on the ASX at that time, a couple of months later trade me was sold and debt reduced

so one needs to read the reports to make sure they are not missing anything. in this case valuations can easily very based on U price assumptions, so once again PDN is a buy of you think U price is bottoming and medium term will be 45-55 at least. I do and that's why I hold PDN. However if I didnt it would be a sell . if I thought its was goiung to 60 plus it would be a strong buy etc etc