Anything can happen and it would be a fight to the death if a takeover eventuated. Management would do well by announcing a dividend next quarter and thus automatically strengthen the register. A happy shareholder is less inclined to take the money and run. Capital management is crucial here. Having too much cash on the balance sheet invites predators and otherwise sits idle. It needs to be returned or used. Exploration doesn't require mountains of cash, 25m currently which covers about a quarter of the cash presently generated. They could make a small acquisition but is it better to harness their efforts into developing Gilmour and the southern parts which look the most promising? Is now the time to spread its resources thin? I doubt they will. Cygnus may eventually turn up a nice discovery so there's exposure and upside from that. The company's mantra is to discover 1 million ounce deposits that it can build an independent mine around, so that will keep them busy for the foreseeable future. It can borrow to build a mine if it must, and it has all the gold it needs to do just that. In the interregnum, it needs to, or at least should, entice longer term shareholders than short term traders and allow current shareholders to share in the company's spoils.
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