RE:Sweet MoveI figure that IMG really believed that the LOM plan for Westwood would be an upside catalyst. Nobody else thought so though. Most of their losses were suffered by the whole market but probably a third of IMG's losses this week were due to disappointment over Westwood.......taking longer and more costly than expectations. I think the low production guidance for Westwood had the biggest negative effect, especially 2017 and 2018 really surprised me to the downside with just 115k oz/year and no FCF until 2019.
IMG is not under obligation to actually spend the cash by the end of the month, but they do have to at least make commitments to be paid out by the end of July for all the Niobec funds minus $50 million, which they can keep. If they buy out their hedges (thought to be as high as $170 million), a lot of that cash will disappear up in smoke. You're right, a share deals are getting more expensive for IMG these days.