Ann: Sale of EDF Claims and ASX Listing Rule 10.1 Waiver, page-9

This is a long read and slightly dated (2016) but it explains why there is unlikely to be a sudden increase in
spot price of uranium, the main problem being build up of large inventories. http://www.neimagazine.com/opinion/...et-lower-prices-and-production-costs-4995055/
It seems EDF got out because they see PDN as a dead duck. It is extraordinary that KPMG do not know the details of the get out deal between EDF and Deutsche Bank. Was it something that KPMG could have negotiated before consideration of the DOCA if they had thought of it? As I posted earlier is unlikely that the DOCA will  succeed if approved because it all depends on survival until there is an adequate increase in spot price to make LHM profitable. There will not be enough left over from the $115M note raise to keep the concern going for long after DB is paid back $60M and the administrators and sundry take their fees. This has now been stated in Woods's last communication and mention made of both KM and LHM under care and maintenance. Under these circumstances PDN should not recommence trading and may be delisted, the same outcome as Mirabel Nickel (MBN).

The way I see it is EDF have gone, the 2020 bondholders should have no immediate claim, CNNC's $90M loan should be waived in lieu of their failed payment of 25% of LHM running costs, leaving only the 2017 bondholders, DB's $60M (which hopefully has only been partially spent) and the fees of administrators and experts etc. The 2017 bond holders are being given our shares which really will be worth nothing, especially when the DOCA fails. Surely it would be in their better interests to accept a standstill agreement until a capital raise similar to that of the first restructure gets PDN going again. Woods claimed no asset sales were possible yet somehow EDF came to some deal with DB, which destroys his case.  Further such deals would help PDN out of this mess at least until 2020. Get someone in there who can negotiate a deal and get rid of administrators who just follow precedents.