Hopu's injection of capital is a key. In the CR, without it the...

Hopu's injection of capital is a key. In the CR, without it the 26c entitlement and dilution would have sunk the sp immediately.
But Hopu has implicitly valued PDN at ~ 35c and the sp is holding above this level. This will make shorters life a little difficult – they would have been hoping to close out below 26c. If hopu is in for the long term and sees value and buys to acquire the full amount it is permitted it would put futher upward pressure on price.
Hopu is a private equity fund implying rich investors adding to the significant capital provided by the group that created hopu. Given the clout behind hopu it seems that it is not a passive investment based solely on a recovering U price. If this was the case they could just leverage into U in other ways. They must see something in PDN.
Is hopu is holding expecting or setting up a takeover?
One thing that hasn't been fully resolved in my mind is that with the U price rising and expected to continue to rise, why did PDN rush the CR through - not even allowing enough time to give the Canadians a go. Hopu again may have been the reason. It may have been a take it now or leave it offer that hopu made and it was too irresistible for PDN to pass up?