Lost WM shareholder valueA few years it was suggested that WM should dividend out all its DM shares to WM shareholders and then each WM shareholder could decide whether to hold or sell their portion of the DM shares at $2 or $3 each, the market value of the time.
But No. Soever dictated that DM was a "core" WM investment. And since then WM has used its DM shares to attract many new diluting WM share issues at very low prices and has experienced a major loss of value in the DM investment.
With hindsight it clearly would have been better to have given the DM shares to the individual WM shareholders. But then WM would have had to face the challenge of raising new capital on the basis of the potential of its Sudbury properties, as other mining exploration companies do. And DM management may not have had the money to pay itself as much.
A bad call? Maybe that explains why WM says Anto's walk away from its 25% option is beneficial to DM and WM. It seems like a sad, bad joke.