The massive X factor in this stock that I did not see coming was...

The massive X factor in this stock that I did not see coming was the big sell down by the debt holders. I admit I didn't do enough research into that aspect back In January and I thank my lucky stars that the trading late on the day of CD announcement started to look very, very fishy to me at 5.3 and I got out fast.

It's a real shame that the options don't look like being exercised, as I think that capital would be a game changer for AGO in terms of dramatically lowering its cost base to be able to make decent returns even at a $50 spot price. RIO has an all-in cost base including franked divvies of something like $15-18, which is quite amazing. If AGO could somehow get to even double that, the SP would be massively higher.