Who goes into trading halt to announce such a thing!
Management have not done what they said they would do over the last 18 months. For holders I hope that changes!
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This may not be the first attempt at a break-out since this stock first came to my attention, but it looks like the first attempt on any volume. Looks like closing at around 9.0cps (last bid 9.2cps).
Attachment 6589
11c today , double bagger., for me. New $4 mill 5 year plus contract withNSW transports West conned delivery Authority
15.5c now and plenty of buyers.
Father Christmas is being rather generous to me this year...http://www.aussiestockforums.com/for...ilies/2256.gif
Thats a tiny Xmas bauble but its bright.
Meanwhile PEH shoots out of the gate this morn @17c, triple bagger plus.
1,175,746 on the buy 245,734 on the sell. I plan to sell some.
Getting some relief from my Dogs and fleas.
The PEH founder chose to partially convert (@3.3c)his convertible notes today and stopped the momentum dead.
Yep. Convertible has been foreshadowed a couple of times on this thread, including the first post, since the calculation was obscure. Options a bit more obvious (and mostly added later).
I met with management circa 18 months ago and the convertible notes issue was discussed. It is very disappointing to see what was said in the meeting. ie convertible notes wont be a real issue has not transpired.
It is worth reading the original notice of meeting from when the issue of notes was approved. In particular, Annexure A contains Robin Ormerod's letter to shareholders in regard to this issue which will give a better overview to the history. I also note that the 3.37cps price was identified in there, although I had not picked that up earlier and had only noted that from an email enquiry I submitted earlier in 2013. http://www.asx.com.au/asxpdf/2013092...qst8s6vvws.pdf
From the latest substantial holder notice, it appears that only a very few of the converted shares have been sold so far and that Robin Ormerod continues to hold the vast majority of those issued, with little apparent likelihood of selling. He is also foregoing the 11% interest by converting, with no guarantee that he will ever be able to sell his shares - a risky proposition since he took out his own loan in order to provide funding to the company.
The large selling in December seems likely to have come from one of the other larger holders with no more than 6m shares, which are likely to have all been sold by now and may have been sold for reasons unrelated to PEH prospects. Of course, it is also quite possible that there was a little pump required in order for the broker to find a market for such a sale.