RE: REG & PMA As you've said, they both have some features that make one preferable over the other. My broker - whose judgment and knowledge I trust completely and knows these companies inside and out - states that PMA should trade at about a 22% discount to regulus. That is, the price ratio of Regulus to PMA should be $1:
.78. This has to do with the number of shares of each, cash on hand, etc. If you notice the trend of stock price, they eventually both find that relationship. It was strange to see PMA trading higher for a time that week. At that point I would have been picking up regulus. For me, my favorite is the one that's relatively cheaper. If regulus is $1.00 and PMA is
.70, I'd buy PMA. If regulus is $1.00 and PMA is
.90, I'd buy regulus. The other two considerations as I see it are:1) PMA has several other properties, and if they (REG and PMA) are bought, there will have to be reimbursement to shareholders in the form of money, or a spinoff.2) REG has several large companies and institutions backing them, including first quantum. Based on that fact, some would perceive them as a safer company.The fact is though, they're partners, and if someone wants the property, they come together. So, I go back to my point at the beginning. I like them both and have bought based on whichever one is relatively cheaper than the other.