I can't give much credit to the idea of PEN selling the Strata...

I can't give much credit to the idea of PEN selling the Strata subsiduary alone and continuing on. What really would be the point in selling your biggest and best asset and banking some hundreds of millions of dollars just to continue on with a totally unproven resource (Karoo, don't start me on RakiRaki it's a no show)? We'd be little short of a fund manager. Existing holders would be disillisioned because the entire nature of the company would change without their approval and they'd be left holding shares in a pot of money they can't get access to.

It might also help to remind you that there's a lot of performance rights resting in either a big SP rise or a complete take over (regardless of SP) so there's a fair bit of disincentive for the board to flog our best asset.