Smorgens once held almost 20% and as one can see from below,...

Smorgens once held almost 20% and as one can see from below, they now hold 11.5%, which by my rough estimates is almost half of 19.9% ??
Its hard to believe that Smorgens didn't know that CR's were coming and hence traded them to advantage before and after.
And yet, despite RED's future never been more assured, they've moved on, perhaps to WGX which has now has Petra coverage ?
As for RED's future, nobody can claim to have been more a believer than moi for the last 5yrs - despite relentless charges of ramping ...sigh.
Assuming the POG remains elevated, and all other factors remain neutral, then RED's SP may be significantly higher in 2-3 yrs time ??
But, better informed and nimble market participants than moi, believe RED's currently fairly valued, and are hedging their bets in the meantime, as they think cash is a better short term bet in the current environment, than a panglossian HOLD RED ever tighter stance.