Just had another read of the offer - 12 month option to increase holding to 30% fully diluted thru the conversion of 5c options.
If continued drilling shows similar results, then in 12 months 5c sounds a bit cheap.
PDY getting bent over??
You're right - current sp makes the offer look like the duck's nuts. If the company was so concerned they'd be lighting a fire under somebody to get the DTR results out.
The more info out there, the more likelihood of others making an offer or at the least a little bit of sp strength especially after a 3.3c offer FFS.
Is PDY concerned if a truck load of oppies don't get converted??? Who knows.
But if Taifeng puts in an offer at 3.3c I'm sure they'd be more than willing to soak up any oppies that are left on the shelf - either way PDY pulls in a wad of dosh and if Taifeng can contribute a significant amount of that then the new shares are in the hands of a long term holder, rather than somebody that dumps once they're in profit - and it would cause less dilution to bring Taifeng up to the 19.9%.
Based on no DTR results, flagging sp, and oppies at 0.001 (only because it can't get to 0.0001) I would say that management couldn't give a flying ****.
Flying low and under the radar - these guys might not be US Navy Seals, but similarly, they're looking for a clean kill.
The more I read the offer the more I don't like it - and that's for both the short and long term view.
I think the farm is being not only sold, but put out on the front verge for collection.
Be interested to hear other views on long term implications.
PDY Price at posting:
2.2¢ Sentiment: None Disclosure: Held
