Ann: Transformational Board Changes, page-17

Yes this is a good point and something you often see.

Stale holders take the opportunity to exit as they have the emotional baggage and want to move on.

Fresh new holders take a position as they see the positives - a huge block in Peru, oil and gas segment which can often see wild valuations even before results (have a look at PCL with $100m+ market cap and nowhere near drilling), and a rejuvenated board which includes Scott from IVZ which is currently drilling (huge point the market has missed is him coming on board).

So expect some churn but once the old holders are out I expect this to run.

DYOR