Cnnc, page-7

I'm not very confident PDN will ever go back to mining.
Apart from the existing chairman Rick Crabb no one on the board as any real experience running a uranium mining company...

Ask any respectable Uranium bull and they will all say that management are key, especially in Uranium mining!
This is why DYL are demanding a massive premium to their SP, relative to where they are in the exploration/development process.


I'm curious as to why Rick Crabb was allowed to stay on the board when the rest of board were 'sacked'.
Did he help facilitate the DOCA that cost share holders 98% of their shares...?
If he was allowed to stay then I'm strongly assuming he didn't disagree with this outcome...


Management don't really have 'skin in the game' apart from John Hodder.
John Hodder does have a large holding through his company Tempo Captial who own a 13% share of PDN.
- With the lack of experience and John Hodder as a director holding a large amount of shares I would say they are waiting to be taken over.


Now.... will this be done at a premium to the share price or a potentially coordinated low ball attempt....?

For this reason I'm hesitant putting money behind PDN for what happened previously with DOCA and shareholders having 98% of their shares taken from them...


It seemed that DOCA was fast tracked with no real alternative for shareholders so bond holders and debt holders could then be given 98% control of PDN...


So... will PDN's directors (who bond holders appointed) let PDN run out of money again and go into administration a second time..?
Will the Uranium price be above $50-$55 in a 1-2 years time?



This is in relation to PDN's Michelin Project who "EDF claimants" now control a majority stake (60%) thus blocking a sale if PDN needed a substantial amount of cash..

From poster @rigormortis

"EDF sold their claim to Deutsche Bank. In the announcement of 28/5/18 it is stated that DB on sold PART of that claim to a group called the "EDF claimants". PDN was then forced to give up 50% of Michelin to the EDF claimants, euphemistically calling this a "joint venture". PDN have not made much mention of the fact that DB itself still retains a claim on Michelin. EDF's original security was 60% of Michelin so maybe DB has the remaining 10%. Basically PDN has lost Michelin as a major saleable asset and may control only 40% of Michelin. CNNC own 25% of LH mine and remains a loose canon, having initially stalled the original restructuring of PDN and caused uncertainty even during the DOCA process. Presumably CNNC are still in a position to impose the trigger option for purchase of all of LH mine should PDN become insolvent again. The leaky contracts set up by PDN with CNNC and EDF allowed the latter to escape any future commitment to receive and pay a higher than current market price for uranium. Hopefully EDF are totally gone, as it was EDF who put PDN into insolvency and administration. Borshoff probably had to make the contract with EDF weighted highly in their favour in order to get them to pay the $200M up front."