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I would rather see a buy-back at some stage. That keeps the market guessing (providing a floor to SP) and providing management some flexibility on the timing. However, it appears that the Board is missing grey matter and will prefer dividend (when possible) to maintain their all important track record. They were foolish enough to distribute dividends last year (when common sense would have suggested otherwise).

I had expected the Ni price to rise... but thanks to the cap raising, it will take sometime for the SP to follow the lead.

At one time, PAN had accounted for more than 90% of my portfolio, but actions by the Board had made me reconsider my decision. I hope to get back in when the SP trades below $0.25c.