Thanks for that dapper. Clearly, management had no idea this was going on until the news broke. Should they have known? Probably, but it is difficult if you are not on the spot. As I understand it, PEL has the new CEO in the Phillipines as we speak so hopefully things will happen. As I understand it, the problem lies in the fact that the local authority has acted in an atonomous fashion which is not strictly within the letter of the law. Noy noy Aquino will not be seen to be involved and it will end as a tussle between local and central bureaucratic authorities.
Don't be too disheartened, I still feel there is a good likelihood that it will all work out in the end. Just when that end might be who can say!! That's why I didn't sell all my holding and why I will consider picking up some more at around 7 cents.
PEL Price at posting:
7.9¢ Sentiment: Hold Disclosure: Held
