Ann: Trading Halt, page-34

Talk of dilution. 1.1b shares on top of 5.2b shares = 20%+ offering.

I can't help but think there may be some Internal conflict within the company, or worse the mine.

With relatively small rates of interest, $65m is trivial. I mean their last guidance figures were 100kozs/a at $1800-1900/oz. With the POG averaging over $3400 so far this qtr, a margin of $1500/oz, it would take less than 6 months to pay it off. Okay. okay, it not that simple, because of other developments etc, but just trying to illustrate the negligence of the loan.

I've been in and out of PNR for many years, (in fact I was in BNR when PNR bought Halls Creek), and generally they've been promising but underdelivering of late. My MO of share buying is often to start with a smallish amount which forces me to do more DD into the company. (I'm getting lazy with age, if not forced). And then either exit or accumulate. This has me thinking, as I said, of some internal conflict.

Not a happy chappy, in spite of the small discount in the CR. Dilution too great. Never mind a 10: 1 consolidation, better make that 20:1.