conversionSomehow I think there is much more to this conversion than what one might usually expect:
1. Why do additional staff have to be hired if it is assumed that drilling will slow down at some point given that 1/2 of cash flow will be distributed to shareholders. Is PEY thinking of expanding or maintaing their drilling program through the sale of additional trust units
2. Even if they maintain their drilling program into the future, why would they hire additional staff given that they have been able to accomplish what they have with their existing leaness and efficiency
3. Do they have further expansion plans in mind to explain the foregoing.
What appears to be so unusual is that we are going to have the combination of a trust and an active drilling/exploration company.
It seems to me that will be a first if they aquire future growth through the drillbit as a trust.
Any comments?