strong late trading, page-15

re: strongly bid - and strong turnover Not sure. I talked with their Company Secratary CFO today about their hedging practices and my conclusion is they will continue to hedge at about 18-20% of reserves. Greg did say that they hope to shift more towards puts rather than forward sales but finally the package will depend on finance. Currently Syama has 1.7 million ounces so from that you can expect another 340 K ounces in hedges( In due course not tomorrow)They are conservative group who will lock in money to pay for any investment. That being the case there is upside but somehow I get the feeling that the share is being revalued based more on reseves rather than current cash flow/profit. I do believe they will stop selling calls over future gold price ( I hope they do in this market) I took some profit yesterday ( only very small parcel 10K shares) Funnily enough I bought them at just over a dollar to get access to VUL. Finally their bankers will have a say in how they hedge - I suggest they sell some VUL eggs and ask the shareholders for the balance that way they can be more flexible ( just use puts ) in protecting their downside.