RE:RE:RE:RE:Hedge or dilute? How about NEITHER!Alf, I'm sorry to say but I 100% disagree with you. You may personally be confident that spot prices will go up this year, but I would not expect Trevali management to use the same method of analysis. Your money is yours to spend, and you can take as much of a risky stance as you'd like. Trevali, on the other hand, should be far more cautious. Hedging at a level where they are guaranteed to make money until their debt has been reduced to a more manageable level is a very prudent move.
I'm perfectly fine with them leaving money on the table should spot prices indeed go up, as you expect. I am far happier with that situation than I would be with the alternative - IE, if they didn't hedge and spot prices dropped back down to under a dollar, for example.