Creep up on PAN?, page-2

Just spent a minute reading the Subscription Agreement between WSA and PAN.

http://www.aspecthuntley.com.au/docserver/02241013.pdf?fileid=02241013&datedir=20200602&edt=MjAyMS0wMi0xNysxODowNzo0NSs0ODArOTcwMDE5K2FuZHJld3dlc3QrcmVkaXJlY3QraHR0cDovL3d3dy5hc3BlY3RodW50bGV5LmNvbS5hdS9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZnRpbWVvdXQuaHRtbCtodHRwOi8vd3d3LmFzcGVjdGh1bnRsZXkuY29tLmF1L2ltYWdlc2lnbmFsL2Vycm9ycGFnZXMvcGRmZGVsYXllZC5qc3A=

While a clause constraining the Subscriber from adding to or selling its position for a period of time is common in such agreements, no such restraint is here or in any other related announcements I have read.

WSA is free to 'creep' up the PAN register by 3% every six months if it so desires.

Waiting for uncertainty and risk to recede ahead of the reopening of Savannah, scheduled for 2H21, makes sense. So does nibbling at the PAN register while others are weighing up the risk/reward opportunity. Perhaps WSA is waiting for a moment of price weakness.

Ash