Will we see 10 cents before too long?
In the recent report, Hartleys has valued PEN at 13cents and has a 6 month Target of 9 cents.
Last rights issue the company announced the placement of the total shortfall to raise over 2.5 million on 7th July 2009.
The day before this announcement the SP bottomed out at 2.6cents. The share price then started an upward trend to top at 6.1cents on 1st October.
Before yesterday's announcement, that the shortfall was fully covered, the SP had bottomed out at 4cents on the previous day.
If this becomes a repeat of what happened last July through to October and since we are starting fron 4 cents (54% higher than 2.6 cents last July), we should be heading for around 10 cents by the start of August.
DYOR
cheers
PW
pen heading for ten?
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