Dear all, With regad to PAN's end of FY2013/2014 at June 30,...

Dear all,

With regad to PAN's end of FY2013/2014 at June 30, 2014, I would like to discuss and therefore start a thread in connection with the upcoming general annual meeting (think it will be in August/September, is it right?).

We would like to suggest a reverse-split (a) and to start a share buy-back programme (b):

a) reverse-split

At a current share price of 0.89 A$, PAN is listed in Europe at approx. 0.60 EUR. Potential new shareholders who are not involved in nickel / metal business likely believe that PAN is no good investment considering the low share price, especially prices below 1 A$ / US$ and EUR ("penny stocks"). Therefore a reverse-split of 5:1 or maybe 7:1 could arouse the interest of new shareholders resulting to higher volumes and of course more demand.

Besides, such a reverse split could increase the minimum shareholding and therefore decrease the number of shareholders with very low material holdings (better handling for PAN - just remember the buy-out option for low shareholdings in the past).

b) buy-back programme

With regard to PAN's high free cashflow more and more arising every month in connection with high nickel prices, PAN should use this cash and buy back own shares. The only other option is to distribute all cash to the shareholders but I think it should be better to remain some money in the company for future business development etc (and it seems to be really unlikely that management would like to distribute such a high dividend % yield). However, all unused cash should be invested, e.g. in own shares.

addtional idea: c) dividend plan

PAN should cleary announce a forecast of minimum dividend distributions (maybe for the next 3-4 cash out dates) and therefore become more interesting for fonds and institutional investors. Considering possible changes in Ni price and therefore lower or higher cash amounts, there should only be an announcement of a conservative minimum plan. However, PAN already has a huge cash amount and therefore the forecast does not depend on future results but on the already given cash.

What's your opinion in this regard from an Australian point of view?
Last but not least,  is it possible in general and how to suggest these proposals at the annual meeting according to Australian Share Law (inter alia deadline, formal requirements)? I only have knowledge about European / US-law.

Thx for your comments / support.
With greetings from Europe,
Nickelfan