Tropicana, page-190

I have a long term philosophy that the gold price is going up and started buying quality gold miners a while back including RRL. At the time (prior to this purchase) Sprott had RRL as one of the lowest cost, undervalued and best value small - medium gold miners in the country. It was also highly rated by Motley fool and I was happy with my own analysis of the BOD and the numbers. My average buy in price was $3.50. Then along comes this "black swan" aquisition and bang... the dilution and clearly the market hates it - it has concluded they have overpaid. It just goes to show you can try make all the correct decisions as an investor/shareholder on the ASX but at the end of the day you are 100% dependent on management decisions when you hand over your capital. No surprise ML is all over it (fees wise) which sort of peaves me off..but what can you do? So where to now (given I remain bullish on the gold price?) Well ...sure maybe there are better places to park my "gold bullish" capital, but now I am stuck with this BOD (given the tumble in the SP)... . Do I trust them in the future? Well as has been said if the POG rages, they will be seen as geniuses ....but really this is just typical of BOD in this country isn't it? Have to be constantly on the aquisition trail ...to "prove your worth"...justify your existence. So I have decided to try play it smart... to not "just accept" the retail offer (given the big end of town, massive merchant bank like ML is all over it and whales have bought it) and to try manage to effect of the dilution by topping up below the offer price..that is let the underwriter suck it up and pay the cost if the issue flops ..and pick up more cheap shares if they have to dump later....It's a bit disappointing re the BOD decision here (what compels BODs to do think they always have to "do stuff"..why oh why can't they sometimes do nothing and just let their current business earn shareholders money......But I mean as a gold bug, what else can you do? There seems no point now selling out at such a low SP... NA/IMO