changing top shareholders...not fun

June 09 Top 4 Shareholders

ANZ Nominees 55,733,017
UBS Nominees 40,291,529
PacMag Metals 39,650,000
Giralia 19,563,504
and others....
Pan Aust 15,000,000
HBSC 9,613,844
Citicorp 7,501,523
National Nom 6,236,004

Aug 09 Top 4 Shareholders

ANZ Nominees 58,836,756
UBS 40,291,529
PacMag Metals 39,650,000
National Nom 31,984,029
And others....
Giralia Res 19,563,504
Pan Aust 15,000,000
HSBC 9,613,844
Citicorp 7,501,523

30th Nov 09 Top Shareholders

PacMag 34,650,000
ANZ Nominees 15,404,661
National Nom 11,024,094
HBSC 8,680,009
And others....
Giralia 19,563,504
Pan Aust 14,331.407
Citicorp 5,635,219

So over 6 months....to approximate:
ANZ have held and dumped 50 million in 3 months
UBS have held and dumped 40 million in 3 months
National have bought and dumped 30 million over 6 months

PacMag, Pan Aust, Citicorp and HBSC appear to be reducing their combined 70 million holdings in parallel with each other at a steady rate over 3 months (9 million so far)

Giralia have held 20 million steady

The top 20 shareholders have sold net over 120 million between them since August.

My interpretation is they have taken their 25-50% return on the 3 cent issue (at 4-5.5 cents) as a short-term windfall.

This is creating an underlying downward pressure on the share price towards 4 cents.

Me-thinks ANZ, UBS and National have created a trend in share price that has encouraged other main holders to follow suit and get on board for a guaranteed healthy short-term profit.

The bad news from my point of view as a holder of PEN shares is that ANZ, UBS and National have 30 million shares left to dump and that the 60 million remaining shares of the other big holders my be loosely held as well.

The other bad news is that no other big holder(s) has stepped in to soak up the slack.

The good news is that somebody...many bodies are buying PEN and it hasn't sunk to below the share raising price (3 cents) as happens in many cash raising sequences. (eg Recently MEL and NGE, two good stocks IMHO)

Also uppish for me is the spread of 100,000+ shareholders..almost 2000 of them.

The other good news is that initial Myoming JORC is 20-30 weeks away and that with radiometric mapping done, Karoo high Uranium and Molybdenum areas are to be drilled this year following encouraging rock chip assays in mysterious sector 4 which looks like a huge paleochannel extension of other sectors of PEN's tenement.

I do hope some great JORC figures and Karoo quantification spark institutional interest. Institutional usury is just no fun at all, despite my faith in PEN's outlook!

PM