wouldn't it be great to have had the chance to have been a...

wouldn't it be great to have had the chance to have been a private lender to PGI, get paid 10% for the next two years, then buy 25% of the company for 8cents.

Why? The extra 25% (38m shares added to 126m) means BJ can swing the company into a new mine...

"existing 200,000tpa Albion/CIL processing plant to be transferred
to a new subsidiary (but waiting for) indication of Government charges that would apply to the facility by the end of Q1 2017
Earlier confidence ..somewhat dampened. the focus ..on mine development as a source within three years......potential opportunities in Eastern Canada...to identify stranded refractory ore bodies and corporate opportunities for mine development in this region."

..and keep this money machine going for staff and friends of PGI.

So to have pleaded how they were long suffering lenders, when they already had a very sweet deal tells you something. And the "..if the loan is till under control.." means to me expect the loan to be sold/transferred to a third party for some upfronts, and the sweetner for the third party is dibs for shares at 8c.

In other words, the strategic vision and planning of finance was never under BJ control. Legged over at every stop. And SH cop it sweet and always have done from this crew. I still fume over a $16k holiday in Vanuatu for BJ. I can not think of a single good reason that could have required this spend that earned PGI more than it cost. I'd love to here the explanation and the justifications.

Margin of $500 on POG (and not for a while because PGI still have plenty of legacy hedged gold at lesser prices). Assume 50% at 1200. so av for say 6 mths $450 and $500 for following 7 qtrs

=(2 x 450 + 7 x 500) *11,500oz - 24m = $26m remaining +/-

Then there is the clean up costs (the scrap value is almost non existent - no-way they get $10m, since my experience with scrapped items is that by the time you dismantle, package/transport and recommission, if you didn't get the plant for nothing it wasn't worth doing and new was not much higher installed cost and brand new, no hassles or risks)

So clean up is going to be $5-$6m especially since the long suffering staff who have no future etc etc need a good inducement to stay on could finish at $8m.

So somewhere between $18-20m in cash (BS to think of NPV over a 2 year period)

With 126m shares that leaves sh with a 15c disbursement. ($18m) or 16c ($20m) of ~ AUD 20-23c/sh

If you assume PGI are correct (I know, but just hang in there with me) and the $10m is realised, the impact is a difference of $15m in the calculation or 11c (or AUD 15c)

So even under perfect conditions the remaining cash would never be more than AUD 34c/sh.

OK, now the bad news, an extra 25% of the company is sold off for 8c. Incoming cash 38m x 8c = $2.7m in, but 164m shares...so best becomes 28c!

However, PGI has accumulated losses of $54m. PGI can sell off the shell containing the losses for say $20m. This would add 12c/sh. New total 40c/sh.

All in all, we should get 5% of shareholders to call for a General Meeting with a resolution to wind up the company. No more new mines, no more dilution or seeking new funds.

I think this result would get most shareholders back to square or better.

Letting the company remain a special fiefdom is not in general sh best interests, especially to take on new risk of developing a mine in a new country. This would be the ultimate insult adding insult to injury. Meanwhile allowing the current actors to perform in a way in which we do not accept.

There was good news in the AGM, Res 4. was seen for what it was and killed off. So there must be support for this proposition.
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