stefanis,No I did not.. I said that it has in the past under...

stefanis,

No I did not.. I said that it has in the past under similar circumstances had such rises, but might be curtailed this time by the number of shares on issue..
However, given the right bullish market, poc and price of gold, yes it is capable of having that sort of increase.. after all it is basically only a 10% rise..

You state, "As a wholly state company GRAM would need to go through the FIRB process. We are lacking precedents to assume it would be a mere formality. We know they have the nod to go to 25% thats all".

The records show that the only takeovers that have not received FIRB approval in the past, basically as a mere formality, are ones that may affect the National Interest.. PNA are not in that league..

You state, "GRAM have a history of buying investments in a wide variety of industries and owning minority stakes in listed and unlisted companies".

All the more reason to think that if the right price came along whereby Gram are sitting on a handsome profit, say 80+c, they like everyone else, would consider taking the money off the table..

You state, "They did not elect in increase their holding (at prices lower than the current SP) by the 1% allowance prior to the standstill agreement lapsing on the 26th May. Nor have they chosen to increase to date".

All the more reason to think that they MAY want much more.. Otherwise why would PNA even think of increasing the allowance to 25%??

You State, "Yet you suggest they will launch a full TO in the next 6 months?"

Please read the posts before you make statements.. I never suggested that Gram WOULD make a full T/O in six months..
What I said was that in my opinion I believe that there is a good chance of a takeover in the next 6 months.. I named Gram as a possible suitor, but also stated that there would be others out there that would, given PNA's assets, logically and strategically be interested in the company..

I will not shy away from that and I reiterate that it is only my opinion, based on the potential that PNA has, going forward.. In this game if you do not try to put 2 & 2 together and look at what may happen into the future, you get left behind.. I made my money by trying to be a step ahead of the pack..

BTW, What I cannot understand is why you hold PNA if, as it appears, you do not think that it is capable of a 10+% increase in the current shareprice..