sales contract, page-26

Billt,

If on was given the task of putting a positive spin on where PEN stands at the moment, you could not do a better job than you have done here.

But, of course, your positive spin glosses over a few things.

RM picked up one of them - the very poor performance of management surrounding the PR's.

Kiril picked up another - the fact that the Top 20 staying put does not necessarily mean anything (Even though they had stayed put at least up to the end of last month, there is no way of knowing if that's what they WANT to do. They may wish to stay. But it is just as possible that some may wish to exit but conditions - SP, volume - are not right at the moment).

I would also suggest that the jury is out on your comment that "the market has dished out a new set of parameters we must work to and the company is getting on with the job of adjusting to these". We just do not know about that. There is no visibility into what is happening. We can see Gus doing things at other companies but with no time/interest in keeping us abreast of current strategies.

PEN may be getting on with the job of adjusting - but until the AGM at least (where hopefully, much will be revealed) there is a degree of wishful thinking in that assessment.

Certainly, the very badly handled DFS 'story', with the hopelessly wrong expectations peddled out month after month, and the current winding down of activities (despite the urgent need to get the M&I resource up to viable levels) do not send out particularly encouraging signals.

Lets hope the required visibility is finally provided next week.