I was just going to post something about SVM as I've been...

I was just going to post something about SVM as I've been keeping a close eye on them ever since the term sheet announcement dropped.

I am of the opposite view from you, though. I am happy that the SVM SP is going down, because the number of SVM shares we would receive is inversely proportional to the SP of SVM. We get more shares if their SP was lower. The price to be paid for CLA is set at a flat rate of $0.03, so that doesn't change.

Another thing that has not changed is SVM's cash balance. They still have more than USD$300m cash and equivalents. I reckon they are now valued pretty close to cash-backing, which is crazy for a producing miner.

It will be a good thing for us if they stay this undervalued until we get their shares. Think of it as the same thing what you would do if you wanted to buy shares in a quality company. You would want to buy when the SP was low, not when it has already pumped hard (and therefore have too much downside risk).