PAN has some good quality assets....... PAN has a growth...

PAN has some good quality assets.......

PAN has a growth profile, but wont have sufficient cash to fund .....so either bank debt (and assoc hedging), or convertible equity, or a cap raise (when Ni price recocers).......

PAN has a major shareholder (the director that just left the building .......).....

this shareholder has used its shares in PAN for "security" over loans ......

hence, it is possible for PAN to get dealt for minimal premia ....

ie cpa raise, then sale of third party shares to "newco" .......

would be a bit sad if that was the outcome

rgds
V_H