poor show, page-2

Lots of cash, so many options.

I suspected the market would not fully value HGO today. Not even valuing them at their cash position.

To be expected.

A capital return or buyback would be good. Any buyback with HGO trading at a substantial discount to cash backing would be highly value accretive per share.


So would an investment in a cash-poor asset rich junior. And not forgetting Kanmantoo...

Ask yourself these questions

(1) With STO's move yesterday, do you think their is a greater or lesser chance of ESG being taken over?

(2) At what price do you think a takeover would be successful?

(3) Work out what HGO would recieve in the event of a takeover...

Free option to the upside in ESG (jn the event of a takeover). No need for any share dilution. Even if ESG has to raise more capital, HGO's upside remains undiluted!

Y