RE:RE:RE:RE:RE:RE:NCIB useless
TGLA - I think you're being a little harsh, here. I'm also an SSL shareholder, albeit a more recent one, and it represents a relatively modest position in my portfolio.
I can totally see where you're coming from, but bear in mind a couple of things.
1) PM's have had one of the worst bear markets (could still be in one) occur in the previous five years.
2) Sandstorm began with fairly modest means (relatively speaking, vs. say SLW or FNV), and had a handful of cashflowing assets from junior mining companies.
3) Without a robust cash position, the likes of which is enjoyed by FNV or fellow intermediate company, Osisko Royalties, dillution was employed to get to the size necessary to be an effective player in the industry. When you lack having $400+ million in cash, you have to be creative and willing to dillute in order to grow the cashflow, and correspondingly, the market cap.
I agree with the sentiment of some other posters here, I believe this transaction will be highly rewarding for longer-term shareholders. I do also believe management has done a very good job in light of the factors I've noted above, as the company has made a very important transition over the last 2-3 years. With 20 producing assets already, this business combination provides signficant growth in 2020 and beyond. Couple that with a potentially higher gold price...could mean for some significant appreciation in the SP.
Of course, the public markets don't discriminate based on a particular shareholders' requirements or timelines. If you've been disappointed and have a shorter-term view, it's perfectly within your rights to sell your shares and espouse your opinions on this board. For others, myself included, I view this as a potentially great entry point to make it a larger position in my investment portfolio. I don't think this stock has a lot more downside, though I agree, I'm not in a rush to buy, and think we have some time before it makes its way higher.