policy of hedging 50% at us$1.45/lb copper, page-7

Stumacca,

I recall speaking to Allan Ryan (Investor relations) back in early January and venting my disappointment at PNA for doing a capital raising at 15 cents. The stock at the time was well and truely trading in the 20's so it was done at a good discount to where the stock was already trading.
I never participated in the raising because one could get all the stock that they wanted at sub 15 cents for a brief time which was what I did.
I quite distictly recall Allan Ryan being very bearish about the copper price at the time and hence PNA's decision to hedge 50% of their production for 2009. This was done at a time when equity markets where at an all time low and the copper price was also at an all time low.
For the months of Jan,Feb,March,April this had looked like a prudent thing to do because copper was trading at around US$1.35/lb and many were praising management for doing so. How ever now it has turned out to be an absolute disaster because now we have copper trading at US$2.50/lb. No matter which way you look at it we are getting a substantial amount less for our copper then the current spot price. As far as I am concerned management stuffed up. The time to hedge if any was over 6 months prior in order to secure the company's future. Mangement were well aware of their debt situation. If copper was to pull back to sub US$2.00/lb what price would PNA be trading at taking into account for all the new paper we have been issued with because that is the current price we are probably getting for our copper.
Alot of people are quick to praise this management team I however think that they could have done things alot different. We now have alot more shares on issue then what we should of ever had.