another view on PAN20 Feb 2014 22:24
OMG, PAN, PAN, PAN... nothing happens for months and months of flat trading and within a few days we witness big dramas and who knows what else (good or bad) is to come. Take yesterday for instance: in the morning, we get a "goodevil" out of the blue telling us a lot of info about alleged failed deals and problems that aren't public. Then In the evening we get Adastra's "buy note" on the expectations on something significant coming and, this morning, the good Adastra-always ultra bullish on PAN- changes completely his view and says he's throwing in the towel....and in the meantime, the share price keeps dropping at a pace that will be at 10-11 p level by the end of next week, if it continues this way.
I am seriously overwhelmed by everything that's happening here: the increased in size of trades (both buys and sells) and the difficulty to actually understand what's a buy or a sell; the sp drop, the comments on the board, and the most stupid lack of news from the Board considering the ghosts from 2011, that always accompany this share... I am keeping a close eye on all of it, even if I am not a shareholder anymore.
As some of you know, I was a Pan shareholder for 3 years, but significantly reduced my holdings in Dec on, primarily, technical concerns: as explained in a previous post, the 50 sma crossing below the 200sma (death cross) had never been good for PAN and always preceded a sp drop.When I saw that cross happening in Dec, and the broader picture of what I thought it was a broadening top in the making, I decided to reduce my shareholding and sell at 20sh p. I still kept some stock as I believed in the fundamentals of PAN. However, the behaviour of the technicals (sp going below 200sma and the continuation of what it was becoming v clear was a broadening top) made me cut my losses and sell my remaining shares a couple of weeks ago.
What's been happening in the last 2 weeks has been something that even my new bearish view didn't expect and I don't know what's the reason behind such a drop, but I cannot wait to find out. PAN always teaches me something new.
I honestly hope that it will all be good at the end and the sale of rosbunker will bring £20 mill in cash to the company, making it debt free, providing also a dividend, that could be a massive percentage of the sp.
Best of luck to all shareholders here, and as I said, I hope the next dramas to come will be of positive nature and those who sold, like me, will have been the victims of a tree-shake. I will be watching from the sidelines...
BTW, quite ironic to think that if the share drops tomorrow to the 15 p level (quite possible) the 22p potential bid of Belphar would mean a nearly 50% premium-ironic, to say the least...