it is always darkest before the dawn

Investing in PAX is clearly a risk/reward equation but I think once PAX can get some runs on the board, confidence will return and the SP will appreciate significantly. I think the first of those runs will be the PPA approval which will be quickly followed by the raising of funds through the Singapore subsidiary and commencement of the first project. At a SP of 0.2 cents per share I would suggest the risk has been factored in by investors disappointed by the time it takes for the PPAs to be approved and strategy of trying to fund projects through capital raisings which have caused dilution and a spiralling SP to what we have today.

What PAX needed from the start was a JV partner. I thought they were going to get one for Penola like GDY and PTR did, but alas it did not happen. I think we are now on the right track with PT Bakrie Power and raising funds through the Singapore subsidiary.

I think 2013 will be a good year for PAX.