I think PAB is ridiculously cheap and great buying under 5 cents. I would caution against buying over 5 cents until the rights issue shortfall is either placed or expires, because I think there is too much risk of continued sp manipulation.
Sentiment will drive sp in absence of announcements, and I think sentiment is still pretty shaky despite what I consider to be fantastic supporting indicators like board members buying, and the external validation gained through Onyx interest and FDA orphan designation. These are things that can't be faked or manipulated.
I would encourage shareholders, both prospective and current, to go through and read the company announcements and presentations, ignore the charts and daily sp movements and spend some time thinking about what they believe this company is worth, both in the future and today.
Prior to the rights issue the sp was around 8.5 cents, and given only 45% of the shares were actually issued the theoretical ex rights price is impacted less, prob somewhere around the 7-7.5cps mark (need to check my maths). Regardless, I don't think the current share price is anything like a realistic assessment of the company's prospects. That said, every shareholder I know thinks the shares they own are undervalued, so DYOR and I hope you'll come to a similar conclusion to me!
Good luck to all, hope 2014 is another good year for PAB and the broader market.
Z
PAB Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
