Ann: Target's Statement, page-28

I have been following PGO for a long time. Reading all the posts out here,i finally decided to create an account. I currently do not hold any shares in this company, however, hearing comments in Sydney, whispers are a deal was made between Hanking and PGO management. No doubt, with their options the intent of current management is to sign back again once this deal is over for more Hanking options. This said IMO we should all be mindful of the current PGO management and let's not forget that it was no different when Patrick Walta and his team were hanging around. Patrick at least though managed to raise the share price up before he left but there again i have my suspicions. This company definitely has potential provided the right team is in place. The focus with current management has never been the shareholders though unfortunately.

As for holding PGO shares, it all depends what Hanking's intentions are. As it stands, they want 100% shares. Controlling PGO with +50% means they can low ball remaining shareholders after this deal is over and force them to sell. It all depends if they achieve 50%. It is a bit of tricky - a bit of a wait and see game. As i understand it, PGO does not have the cash to bring Coolgardie to production (is this accurate?) which will force them to dilute the shares further by issuing out more Ord shares which means you should expect share price to go further down at least in the short run until cash flow improves and that is when we will all see the true value of PGO and Hanking knows that.

IMO the issue is the current management. They are good miners but very inexperienced businessmen and to top it up "crooked" based on what i have heard.

Replacing the current board will definitely see a big change and lots of positives IMO.

My sentiment: "Hold on to your shares fellas"