RE:RE:RE:RE:ToroparuNo because there is a change in approach of mangement. We were being told of dividends, share buybacks and waiting for share price to improve. Growth was going to come internally at very little cost from Segovia. Now they will have plenty of shareholders wishing to move on and buyback will not make dent on this.
GCM is more undervalued than GLDX in my opinion. It is a subjective opinion but this acquisition shows me that our management believes GLDX at premium is better use of cash than buybacks. I could partially understand this if there urgency to get GLDX but there seems to be no reason to buy them while we are at such low price. Personally I will start reducing my GCM shares and keep GLDX shares hoping for bidding war.
You can grow company and production while not adding much shareholder value; prime example of that is EDV after Neil Woodyear left.