The price action in PNO is exactly as you would expect after a...

The price action in PNO is exactly as you would expect after a large underwritten rights issue at 0.5 with an attached option, that was poorly subscribed.

Along with the fee and free option the underwritter could sell stock at 0.4 cents and still be up. So in fact PNO is doing quite well to be only offered at 0.5 cents for smalls..

ANP for example was exactly the same. Underwriter had a huge amount of stock after a very poorly received rights issue at 0.8 cents with attached option, was happy to clear it at 0.7 cents. held ANP back until the volume was distributed, then it popped.

I don't mean to sound like a broken record, but we really really need some decent volume in PNO to trade to distribute this massive overhang across the mkt. then we can start to move higher and reflect a not unreasonable amount of optimism here.

GL