RE: What now?Couldn't agree more with your comments towards those mole players in the PAT casino. But as for you calling RIC's takeout scheme "brilliant" - don't get carried away. Their little jig has been up well before the formal t/o offer was ever made, plain to see for all of us who have not been suffering from a heavy case of Stockholm Kerbyndrome.
Given the incredible weak and corrupt PAT holding structure, Kirk's "Roll On June" effort was the only moment during the last two years in which things may have had a chance to turn for the better. Unfortunately it was missed, due to a lack of shareholder support and due to Kirk, despite being bang on in his criticism of PAT HQ, failing to go 100% for an all-out proxy war. Not saying he would have won, but ...
Interesting that you mention NOT on this board. As we all know, the final nail in PAT's coffin has been Sutcliffe's failure to raise enough money to pay the RIC debt and put legal pressure on them. Let's imagine Noront in the Richard Nemis era having been in urgent need for a few million dollars to save the company's existence. A respected guy like Nemis could have raised the funds in a heartbeat from his large and loyal small shareholdership alone. Now imagine the sound Mr.Sutcliffe, after all his achievements, going to PAT holders and asking for fresh money in 2008. LMAO!
End of story.
Its the difference between credible leadership and a failed, incompetent, shameless schmuck. Failed, because in a very short period Sutcliffe achieved the rare feat of losing one company (PAT) completely and badly damaging another one (URSA, by closing their mine and wasting their cash via PAT). Incompetent, because he had several years to stand up and put pressure on RIC but blew it. Shameless, because he burned what little cash PAT had left to write himself and his HQ posse fat paycheques and instrumentalized other people's (URSA holders) money to increase his own personal influence over PAT. And a big schmuck, because when he realized how miserably his politics had failed, he put out loud talking NR's how PAT would stand their ground when in fact he already cut his buddies bailout deals in secret and then sold out Patricia on the cheap at the expense of small holders.
I guess Tannin had a good handle on the situation with his recent remark of how the market will remember and that most investors in the future will prefer not to put their money into anything 'Sutcliffe'.
As for RIC, I must say I'm surprised to see their SP tanking so fast. Would have thought they support it until the takeout is formally approved. Which only goes to show how safe RIC feel about their game. Even at $1.40, compared to other gold producers, RIC seems very generously priced. True, they will have 100% of IG. But whilst all of us do feel that miracuously this operation will show improved future performance, the fact remains that (according to the FS) IG will never be a low cost mine. I'm not sure how IG will fare with the POG maybe going way lower. What else do RIC have? A small size, high cost, low reserves operation (Beaufor), a number of unspectacular exploration efforts, some money in the bank which for the most part is spoken for - and a douchebag management. The same people that conspired against you, the small PAT holders. RIC is a total mediocre company, unprepared for a low gold price. I am afraid everybody who is betting on seeing more cash for his PAT shares after the takeout might be in for a rude awakening.