"Allied Gold is pleased to announce a further USD$3.3M reduction in its corporate debt position. The reduction is a direct result of the Company proactively managing its hedge book in light of its ongoing financial risk management as outlined in previous quarterly reports. Initially, the hedge book was constructed to accommodate a USD$25M debt facility. This facility was only drawn to USD$19.3M. The Company was of the view that it had surplus hedging capacity as a result of the reduced draw down amount and decided to reduce its hedge book exposure under the appropriate circumstances."
What does "pro-actively managing its hedge book" and "reduce its hedge book exposure under the appropriate circumstances" actually mean???
ALD Price at posting:
$1.35 Sentiment: Hold Disclosure: Held
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