RE: we need news.I would not be surprised if PCY is walked down somewhat further prior to news for no other reason than this is what always seems to happen. Despite this, I'm not one who wants to be on the sidelines when news does come.
PCY likes to report news at 8.30am prior to the market open. That said, any news on an off-take agreement will most likely see the shares gap higher at the open. If so, any cash sitting on the sidelines will be chasing a much higher premium as opposed to risking a few cents now.
PCY is not in the business of trying to time their news releases. When an agreement is reached, they will put out a release. But herein resides a timing issue. In my take on the recent PP, I think it was paramount at the negotiation table. Given the closing date of Dec 17, I would have concluded no news til then. But since the PP is fully subscribed, I think news can come at any time. Not being a lawyer, my hunch says there might be a legal issue if news is announced prior to the official close of the PP. That said:
I have Dec 20 and Dec 21 pegged as potential release dates. I base these dates on the closing date of Dec 17 as indicated by the Company. Monday and or Tuesday of next week are viewed as likely dates as well. If no news over this period, I will patiently wait for early 2011.
Potential news dates aside, and due to the PP announced, I think we are in for a surprise in excess of what has already been indicated by the Company where 2011 is concerned.