consider the volumes, look at the few selling that have driven this bus to where we are, compared to the 244m FP on the registry. ie, most are holding. Yet paired against those sheep, are the foxes on the other side of the swap. Someone should print this on a T-Shirt, and send it to the company. With the caption, "Beware of CR Discount on the fragile psyche". We are trading circa at cash and PWM value. There, and beyond, the foxes accumulate. There is no picking the extent of a rattled sheep trend. What are the foxes thinking ?
What would this chart have looked like, if at the 42-50c channel, a decision had been made to exercise the Renard Option ? And post, pursue strategic ? Chris would do well to explain why he thinks we are a better negotiating position without exercising it. I have attempted to rationalise it, in my views, that we can JV together, or walk away.
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