RE:RE:RE:RE:THE PRESSURE IS ON RIO NOW!Sabina had weak insider ownership (only about 2%). Ditto for ATAC.
Sabina gave up just when it was near the finish line. ATAC got cold feet once confronted with the prospect of having to wade through the red tape to get permits at Rackla.
Common themes here are no large shareholders to hold management accountable to finish what they started.
WRN, although not having the most robust insider ownership, is at least 5% per their recent investor presentation. Paul also seems committed to getting the ducks all lined up in a row. I am sure he would proceed into permitting if that's what it takes to get the double digits price we are holding out for.
The lesson I've learned from the SBB/ATC buyouts are that you really have to vet manaement prior to making an investment. I gave Bruce McLeod a pass since he talked a good game as did Graham Downs. But, the proof is in the pudding: where was the insider ownership % at? I was picking up SBB/ATC shares at such bargains that I overlooked how important management is.
At least the group we have with WRN has completed this rodeo once before via Western Silver and they know how lucrative holding out until the end proves.