"I will still be getting a very good yield of 12% on my investment in PLT.UN"
I feel pretty much the same. I was being a little too optimistic that the recently higher commodity prices would be enough to prevent a dividend cut... but oh well. At 5 cents/month, I'm still getting a very nice yield and I still consider PLT to be severely undervalued.
I personally won't consider selling PLT for less than $8. It might take 1-3 years, but I'm pretty confident PLT will hit $8 in that time frame.