A few of points here
1. If I am not mistaken the short interest has decreased over the last few days , 77m seems high but what percentage does that represent - 6% of market cap
2 if there are 6% sorts there are 94% longs - why are the shorters given so much value
3 one year ago some of the best performing stocks of the last year were heavily shorter
Mts , most small cap gold stocks , a couple of years back it was JB Hi FI and Fairfax - they all doubled and tripled from the time short interest peaked
Now back to the deal - a couple years back they sold 25% for 190m usd , now they are selling 175 m usd for 24% but for PDN, raising money this was is very much less dilutive than issuing shares given the change in the AUD /USD exchange rates .
I agree the non binding nature has been assumed to be bad by some , but It may be a PDN driven thing for the short term
PDN Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
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