RE:Understanding insider trading !Yeah --- but insiders i would argue ALWAYS have more information than is available to the general public so then the question becomes whey do ANY of them every buy in the open market. Perhaps, this is why Paul told me last August...."In terms of timing, I only exercise RSU’s and options at their expiry, which I what I did most recently"
maybe he is just wanting to every avoid questions on this sticky topic and always be above reproach on the subject...not sure.
One thing that Paul also told me back in Oct 2022 in regards to this question below that i sent him:
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Hi Paul /Sandy
I've been following the Turquiose Hill /Rio Tinto news lately and spent some time reviewing the 200+ page document that was put together by TD Securities to provide an "independent" valuation (P/NAV) for outstanding Turquiose Hill shares not owned by Rio.
Interesting they used 10% discount factor and range (low) of 0.75 x P/NAV and (high) 1.1 x P/NAV.
Strange using 10% when Rio cost of capital something like 4-5%...but seems like they used 10% and 0.75 just as hedges maybe against jurisdiction, Mongolian govt, etc even if not specifically calling that out. I did note they used WRN within that document in basket of peer developer comps when looking at recent share price performance comparison to Turquise.
I'd imagine Rio's fingerprints are all over this document is some fashion so I'm curious if anyone at WRN has reviewed it to gain some insights into the negotiation process? Has anyone with finance background plugged in similar assumptions for WRN and calculated what this would give for us? Say $3.5 cu/$1600 gold and 10% discount along with say a range of 0.5-1.0 P/NAV. Perhaps we have recently done similar analysis of WRN with TD Securities or equivalent independent 3rd party?
Appreciate the review to these questions and any feedback you can provide!
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Here was his response
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"Thanks for the interest.
We have retained as advisors industry leading banks to help us as we potentially move forward with Rio. They have run a number of metrics on the company similar to those that you have identified below.
Unfortunately, I can’t share those metrics with you, but you can get a good sense of the values by taking the NPV of the project from slide 20 of our latest corporate presentation and running through the math – certainly higher than where we are trading now!
Cheers,
Paul
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i should have followed up at the time with my question....which basically is....'Why are the results from industry leading bank advisors and the results they come up with on Casino valuations something that is confidential and cannot be shared exactly....i don't understand'.
Maybe someone on this board would be able to enlighten me on why that piece of insider information is confidential that cannot be shared with investment community???? The point i'm making is even this bit of information (as trivial as it seems), i guess would qualify as insider information and subject to opening someone who is knowledge on that to some hard questions if buying on the open market????