Hi Upmarket,As mentioned - all scrip offer so it’s your choice...

Hi Upmarket,

As mentioned - all scrip offer so it’s your choice if you want to sell but for the sake of an example lets say Encore offers all scrip valuing the PEN shares at 40c. Your then getting a discounted entry (relative to just buying encore) to a US focused producer (lets remember that the US is still the largest consumer of U at ~50mil lb/annum yet has produced less than 2mil/annum last two years) focused on ISR with significant endowments in wyomong of which Wayne is a wyoming ISR specialist. The sum is greater than its parts and will be subject to a far greater level of fund flows and weightings on indexes. This is not a secret and is why Wayne himself has been openly discussing it. Agree 40c/share isn’t that exciting but its only the beginning and is what I view as the most likely short term re-rate for company specific drivers. Would not surpise me at all to find U does another healthy run in Q1 and we are talking higher prices for the merger, its why Im talking more in regards to premium relative to acquirers value.

If nothing changes, I would expect PEN to hit $1+ easy at $100 U price