D-Train, Was aware of the PDY ownership in AGU but still doesn't effect the JV in terms of which company owns what share of it. The fact the PDY have shares in AGU means that should the AGU SP rise the value of that holding in turn increases from an investment assets perspective. That said the cash value of the stock PDY owns could be factored in as well but didn't really want to go into to too much detail. I also didn't factor in the piggy back options in PDY on a fully diluted basis so on that premise if you adjust both sides of the equation accordingly then the ratio doesn't change that much. As we speak AGU are trading at 6.8c and PDY at 3.2 so the ratio is about right IMO. Thanks for the comments though mate - Good to see others are thinking objectively as well!!
PDY Price at posting:
3.3¢ Sentiment: Buy Disclosure: Held
