Share Purchase Plan (“SPP”)- explaination please, page-7

Thats right. What will happen in practice is the directors will ration the shares out. I have put up three posts in the last day or two on my guesses on how that might happen. Don't forget people who want to put up $30,000 have to come with the cash. Then they may get the vast majoirty back in a couple of weeks from the Spp end. What's worse is typically all being greedy, all together resulting in too many shares in your hands which you intend to sell, so after you recieve them meaning the Sp dips below 7.5c. As I've said it's a self-correcting mechanism.

Having been through this exercise before I intend to on put up $2,000 more than I really expect to get and will be able to hold that through to production. (Then again I've been lucky). We don't even know what the gradations of the SPP are $1,000; $2,500, $5,000; $ 7,500; $10,000; $15,000; $20,000, $30,000 seem common but I would not expect more than five of those.

Not that they're going to tell us but I would expect a decent 3hr board meeting to decide it all including input from a consultant on the issue. I could be (materially) wrong and would be happy to be guided by those who know. There's a limited number of directors I know (not from PEN) who help form my views.

The whole thing is a little bit of a lottery and I've had more powerful negative experiences than positive in retrospect. i.e. Maybe more small wins but bigger big losses. Very few, where punters universally express happiness and actually end up profiting. I attribute it to the cyclical nature of commodities (rather than my own lack of acumen) naturally.

Still a nice Christmas conundrum.

All IMVHO