RE: RE: warrants and net asset valueI would say Laxey has 10.12% of a say, per the PR you included in your post. I don't think such a conversion is likely anywhere in the near future though given that they've been fairly successful with the closed-end structure and Dundee owns a larger stake than Laxey.
Well the units made it to $12 sooner than I thought. Barring any major moves in gold price, I wouldn't be surprised to see it linger around that price for some time. Management/Dundee are unlikely to pay more than the A warrant exercise price and the sudden recent run-up may bring selling pressure from long-suffering unit holders who paid $10 two and a half years ago and are anxious to get out with a small profit.
As far as I'm concerned there's no fundamental reason this should be going for less than $15, the diluted NAV. The additional units from warrant conversion should bring increased liquidity which may reduce the discount in 2011.