Maybe Federation had been accumulating cheap shares in anticipation/hope of their late highly conditional uncertain offer being accepted and when it became apparent that the offer was rejected they dumped them and retail panicked and jumped over the top all day to roger themselves. Just a random theory.... or it might just be retail rogering themselves all day long.
Interestingly SNG retains many permits around Reefton as well as Sams Creek, 30% of RUA (ongoing exposure to the ground sold to RUA) and $2m cash.
Not bad at all.
My two cents.
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