Hi discostu, Saturn is fortunately a very different beast to Peel. They have a large prospective contiguous landholding, close to infrastructure & services, already outlined a sizeable deposit which is staking up as a low cost mining operation & a low number of shares on issue.
Don't know how long you have been a shareholder here. But Peel has for many years presented all the attributes of being a great stock to get involved with. The trouble is they cant seem to focus on one deposit & bring it to fruition. They get distracted & head off to drill somewhere new & exciting. This is not something that has happened once or twice. It has happened repeatedly over many years. Basically because the deposits they outline are low tonnage. So they don't stake up as stand alone operations.
In the early years they were very conscious of registry dilution. However in recent years that ideal seems to have been thrown out the window. The share price performance has been abysmal. It has been a great trading stock. But as a hold & keep it results in wealth destruction.
Personally i think a lot of the blame for the stocks poor performance has to be levelled at the feet of the former MD Rob Tyson.I think if he had not been relieved of the MD's role the company would now be on life support.
Many of us have thought that the market must be missing something here. That it is only a matter of time before the penny drops.
There have been many insto's & fund managers that have taken a position over the years. Sure that they were onto a gem in the rough. But without exception they all depart. Frustrated with the glacial pace & what seems to be a lack of a coherent strategy. That has changed a lot since Jim Simpson took charge.
Anyway i wish you well with your holding.
PEX Price at posting:
16.0¢ Sentiment: None Disclosure: Held
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