Tropicana, page-101

I sold most of mine, will probably sell the rest shortly, even though it is probably at a low and all up from here.

My main rationale is that explanation of the merger just wasn't logical, for the reasons @bererkwarrior sets out, mainly. Pretty hard to be a shareholder if you don't think management are logical decision makers. When I compare their rationale to acquisitions the market has actually rewarded, like NST/SAR, DCN/NTM, WAF buying B2 Gold's deposit, or even RRL with Ben Hur... RRL's justification looks as limp as wet lettuce. There are absolutely zero synergies - it's just a financial transaction. It's even weaker than AMI buying Dargues, which the market savaged.

My secondary rationale is that I feel it signals management fears the rest of portfolio will disappoint. I don't think it will be a guidance miss as the quarterly is due before the entitlement offer closes. Possibly something to do with McPhillamys that will surface over the coming months or in the DFS. In the last quarterly they said they expected a recommendation to the IPC last quarter, but that hasn't happened and we haven't heard anything about why.