Overnight JP Morgan executed a $47mn “block trade” of PDN at 87c, or 5.4% below yesterday’s close i.e. a motivated seller. Fund managers were told it was clean up trade with HOPU Clean Energy the likely seller – if its indeed them they have more than doubled their money. At this stage its likely PDN will open below 90c this morning but we regard any further weakness as a buying opportunity.
- We remain long PDN in our Flagship Growth Portfolio and Emerging Companies Portfolio with allocations of 3% and 6% respectively.
MM remains long and bullish PDN in 2 of our portfolios
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