The announcement sounds and reads like crap! The time, effort...

The announcement sounds and reads like crap!

The time, effort and funds put into Karoo over the many years have been an absolute waste ... no one even wants to touch it in its current state. If PEN are lucky they will somehow be able to cover the rehab costs through some sort of sale of the freehold land, but in the end they will make a hefty loss on Karoo.

Said it years ago that Lance was more than enough to be a company maker on its own, yet for some reason out beloved Gus wanted Karoo + he stated that he wanted more by looking at potential acquisitions. This attitude at the time is a reason for the current state of PEN. If more time and effort was put solely on Lance the 'pH' solution MAY have been found earlier, and who knows what else ... yes, hindsight.

The U308 price and current state of the industry is one thing, however management is a massive part as well. Now we have Wayne trying to fix this mess up by withdrawing from everything else and just focusing on Lance.

Hopefully Wayne will also reduce the headcount some more given nothing is really going to happen for the next 1 - 2 years.