RE:VGQ value now 43mm...Tea..........in round numbers, ALS will own .92 of the 2,700,000(ish) VGQ it owns. With the prospect that gold might (I say might) rally 30% (or less, I say less) might ALS hold the Osisko/VGQ shares exposure to gold via a conservative investment (a merged Osisko and VGQ). The analysis then is a valuation of Osisko/VGQ with or without a RGLD bid and over what timeframe.