will jbw recommend it as a buy, page-8

I don't know about the shareholder approval on the options but there is no choice really is there, I agree with you.

If the shareholders had to approve and did say no, then the whole house of cards falls over and PNA defaults on the facility (check out the share price after that!)

This is just a massive false rally. I am waiting for the real news when the refi or new facility is gained.

As for the analysts and the bankers - aren't they split by a chinese wall? No, self-serving interests should be there. Not that the GSJBW analysts have been very successful on the price targets so far!!