I think holders need to take a cold shower. There was no way this offer was going to be in the 30's or 40's when the SP has been languishing sub 20's for some time. No CEO in his right mind would offer such a premium . There is no doubt this bid is opportunistic as i believe the SP would have continued to head north on the back of great quarterly reports provided the gold price held up. The big problem with this bid , apart from the timing, is the FIRB requirement, the 51% threshold and the "carrot" of a dividend. These factors are why the price hasn't adjusted up to refect the grossed up offer on the table. It also puts current holders in a postion where they are likely to hold to see what transpires rather than selling on the market and reinvesting elsewhere. This commentary reminds me a bit about the comments on the MAD thread where holders are saying the stock is worth $4. Well the market i don't believe is that stupid where the stock is freely available at $1.30 but really should be $4
NGF Price at posting:
23.5¢ Sentiment: Hold Disclosure: Held
