hmmm...dlc/pne...oldmanbadman rdncoic

Hey Billy,

I think you can separate the 2. PNE isn't going any lower, but may not go any higher without a move in gold price which we can only speculate about. DLC owns 25% of PNE which is already priced into DLC.

DLC has 4.2m in cash, and improving profitability based on the last quarterly and hence could move closer towards it's tangible asset value around 1.9c per share. This makes the two companies to different prospects in my opinion. PNE because it has huge upside proportional to the gold price and DLC because it has huge upside due to it's improved operations/profitability.

I agree that Malcolm is a smart cookie and knows what he's doing.

Good luck!

I expect the operating unit to be close to break even either side.However looking at the PNE pricing I would expect a write down again on this investment at 31/12/13.Overall a loss.