AmazingI have owned this pig for over 9 years, starting with a small position back in 1999, which steadily grew over time. I got everything right except for one thing, MANAGEMENT. I was bullish on gold price long term and suffered through the days of $250/ounce. I helped to fund the exploration drilling because I knew the POG would rise over time and the mine was in one of the most stable political environments in the world. Sure enough grades improved, ounces contiued to move into the resource category and we had a real expert running the show, JP Chauvin. Then 55% of the project is gifted to Richmont because RS needed to focus on his other hobby, URSA. Completely conflicted as 20/20 hindsight shows, I should have know something was up when JP abruptly left the company. But being the idiot I am, I held hoping that Richmont was the saviour. It wasnt until 2 years after the fact did I find out what a terrible deal RS had cut with Richmont (lesson #2, do your due dilligence). Then the whole Kirk fiasco......think what you want of Kirk but he only had one thing in mind, shareholder value. Then he was abruptly dismissed only six months in, 3rd red flag in 3 years. However, like a fool I continued to hold. Gold hits 1000/ounce and guess what, the mine (Richmont) continues to underperform, then the markets including gold sell off, then we get hit with the most ridiculous take out offer I have ever seen. I actually predicted this exact scenario in a post in May 2007, right after the EUR deal got nixed.
But in the end, shame on me, I am the fool that lost a significant amount of $$ on this and should have done more when all the signals were there.
My final prediction, the grades and performance of the IG mine will mircalulously improve significantly in the coming quarters. We have been gamed, and gamed badly. Think about it, one only makes an investment when they believe that investment will appreciate. At his point in time who knows more about IG than Richmont? They made this offer because they feel at .26 that PAT is unedrvalued......I understand getting taken once by these guys, but twice? Come on Suttcliffe, and more importantly BOD, protect your shareholders.
One final question..........any body up to hiring a lawyer? We do have sharehholder oppression remedies available to us. (protection for small shareholders)
GB41