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I should add the other negative (aside from the hedging) is NGF has been caught up in all the "deleveraging" or "deflation" whatever you want to call it.
A hedge fund, RAB Capital, is a major shareholder and has to date sold down its original stake from 50m to 29m shares. The good news is that investors in the fund recently voted NOT to liquidate remaining assets and RAB isn't being forced to sell the remaining 29m shares in a fire sale. They've been given another 3 yrs breathing space I'm led to believe...
Like many other juniors, NGF is an interesting play and looks good value now IMO.
