trading below cash and receivables

How many other companies find themselves in this predicament? PAN's cash and receivables exceed the current market cap by a significant margin.

A suitable analogy would be if someone approached you on the street and offered you $75* for the $100 in your wallet. Of course you'd laugh in their face (unless it was Chopper Read), but in recent weeks we've seen sellers handing over their hard-earned without demur, so scared are they that tomorrow someone might way-lay them and only offer $70! These are indeed crazy times. (*an illustrative figure only)

As an earlier thread discussed, PAN's hedge insulates them from the low spot nickel price for the next couple of years and in fact was in the money to the tune of $109m at last update.

Sure, the 12% dividend is unlikely to continue at its previous level but with so much cash on hand, the 8 cents per share being bandied around doesn't sound too bad at a price of just 86 cents per share today.

Of course the depressed share price reflects uncertainty about the bad news that keeps emanating from the 'sickman of the Northern hemisphere', rather than fundamentals. Bring on Obama, because although there's no magic wand for this mess, it's got to be better than the rudderless ship we've seen under Bush.

Better times for all. Good luck holders. DYOR.

Gupper