Teranga Gold Corporation T.TGZ

Not really that many shares left to be sold

[auburn2]

6 million max I believe. There must be several funds watching TGZ for which $9 million is pocket change.

[auburn2]

Ah, I meant $18 million.

[lumpy13]

I thought the GDXJ rebalancing had been on-going since announced.  Or has it yet to be done.  If the latter, there will definitely be a strong down draft given Teranga's illiquidity.

[auburn2]

You consider TGZ relatively illiquid? Anyway, the short interest at April 30 was about a million shares. It could be more now. I suspect today is the bottom, looking at the chart and today's volume, but we'll see. I doubled my position today am prepared to add once more if I feel it's warranted.

[onetok]

From this post below about 16 'days to trade' to clear GDXY overhang. https://www.zerohedge.com/news/2017-04-19/real-message-gdxj-mess Today was about 5 'days to trade' equivalent at 1.55m (post-consolidation). I assume typical day's trade to be about 250,000 (1.25m pre-consolidation). Not much left to sell assuming the bulk of selling was GDXJ.

[spiderhab]

I did the same analysis and agree. TGZ represents a small portion dollar wise of the overall GDXJ portfolio. They previously only owned approx 10% and it's not until you hit 20% that you run into takeover laws and then life gets complicated. Overall they would have lost a small % relative to selling other stocks as heavily today. Market panic hit in today as well and probably some stop

[borne2run]

GDXJ is re-balanced quarterly, on OPEX of the final month each quarter. Due to fund flows (institutions buying and redeeming units), GDXJ is constantly buying and selling shares. Just because the index can buy companies having a market of up to $2.8 billion does not necessarily mean that the June index weightings will reflect a full allocation to the midcaps. They may decide to do this over the