North American Palladium Ltd (New) PALDF

RE:I wonder if Pdl was shorted down from $26.40 to current

[astevens]

The underwriters have shown considerable confidence in PDL and clearly have no doubt that they can place the shares at a price above $13.00 to institutional investors.  This development is highly positive as an overhang will have been removed and two major Bay Street institutions have an interest in marketing the company.  Institutional appetite will be cultivated and a larger float will make it more difficult for shares to be manipulated by speculators.  The Chief Executive is in Zurich next week at the Denver Gold conference so there is an active effort underway to spread the good word.  If results on 2 May are good, the share price should perform as it will also be supported by institutional interest rather than just retail investors.  North American Palladium's PGM peer group (ie Implats, Amplats, Sibanye Stillwater) has been performing strongly recently so it would be logical to expect interest in a laggard whose business is highly profitable and located in a safe jurisdiction.  In summary, this announcement is a most positive one.