PDN 0.37% $1.37 paladin energy ltd

Tumbleroll, I agree with you that AM has done an excellent job...

  1. 172 Posts.
    Tumbleroll, I agree with you that AM has done an excellent job paying down some debt and cutting costs.

    He impressed me in that regard, since I understood his background was mainly as a trader, not a miner.

    However to promise that he had the cnnc deal in the bag, when cnnc didn't even want to be outed, helped destroy confidence in PDN. AM then failed to crytalise the deal during that excruciating period when PDN was voluntarily suspended from trading.

    He made PDN look desperate to pay its debts, which fall due in 2017. He then gave a Q4 deadline for the deal, which concerns me.

    If AM can pull off the 24% LH sale to CNNC as advertised, I share your enthusiasm for an avalanche of short-covering, as the SP rises nicely. In that case, we will be owners of a great company with manageable debt, which won't fall due til 2020.

    However, if AM fails to deliver on (his own) committnent of a 24% sale, then I fear those millions of shorted shares will turn a nice profit for the shorters, as the SP falls.

    For all the undoubtedly good work AM has done, he put everything on the line by making a premature committment that wasn't necessary. I think this reflects his trading roots: to "bet the house" and hope for the best.

    We, as holders, are now party to this high risk - high reward strategy. I certainly hope it comes off (but it failed last time). Let's hope cnnc signs on the dotted line.
 
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Last trade - 16.10pm 28/03/2024 (20 minute delay) ?
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