The answer is simple: Depends on how many shares you have and how long you held it for!
1. If you have little holding, you might as well accept GRAM's offer, cos of brokerage costs if you sell on market
2. If you held more than 12 months and hold a big holding, if you can sell on market for above the GRAM offer price eg. $1.86, you might as well do that as long as it covers your brokerage than say accepting GRAM's offer.
GRAM already has over 70% interest in PNA, so a change in the board of directors with the Chairmanship will go them. If they fail to get over 90% by the closing date, then still holders will see themselves holding PNA in a highly illiquid stock, which makes it harder to sell.
Just look at SPH, as Glencore holds majority of the stock.
PNA Price at posting:
$1.86 Sentiment: None Disclosure: Not Held
