Is there a reason why Regis is cheap?, page-10

In the last twelve months the board have increased their targeted selling of the hedge book. This is good.
They have also stated in conference calls that they "want to work the balance sheet harder"

In the half ending in Dec19 there were 429,000 oz on the hedge book versus 360,000 oz mined or representing 16 months of production.

The last half yearly back for Dec20 there were 359,000 oz on the hedge book versus a target production of up to 380,000 or representing representing around 11.5 months of production.

Hopefully the gold traders at RRL saw the big support of POG in the mid $1600's and took the opportunity to offload a bit more than the 20,000 oz knowing that a rebound could be in place. I dare say that if RRL took the initiative to push the hedging sales a bit more than the 20k the market would applaud this move and push the price up.

By the end of this quarter which is near. A very minimum of 339,000 should be on the hedge book with the 380,000 production target, representing 10 and a half months production.  

I know they need cash, and that's why they cut the divi and introduced the dividend re-investment plan, but I really hope that they took the initiative.... I mean hell money is good dam cheap at the moment wouldn't it be better to go the bank to fund McPhil, rather than keep pushing the hedge fund out. The market will appreciate a coordinated  statement concerning hedge and McPhil funding...

Here is hoping for a close today above $3.01 and a DPIE announcement next week.

Hedging book below

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Price from	Price to	HYDec19	FYJun20	DecJun21
1	1400	1500	187000	157000	116,546
2	1500	1600	15000	15000	22,915
3	1600	1700	36000	36000	98,913
4	1700	1800	131000	131000	98,871
5	1800	1900	60000	60000	22,248
6			429000	399000	359,493