Before GP gets the boot, he should do a Normal Course Issuer Bid. Take $30 million of the $50 million, and buy back 100 million shares---and cancel them.
He might get more shares back for our money if there is even a whiff of a hint of a rumour of a class action. Lord knows this outfit is ripe for one.
Let's see:
1.) Sept. 2011- Dale downgrades summer 43-101
2.) Buys Ontario moose pasture
3.) Buys Strike Point moose pasture, ie. Strike Point/RB bailout
4.) Misses every production target for last 5 years
5.) Share price drops from $5.00 intraday high (5/12/10) to 24 cents intraday low (3/1/12)
6.) Downgrades "global" resources in recent management discussion from 4 million ozs. to what...3.6 million?
All off the top of my head, but you get the idea.
Everyone should read Quantums post again.
Maybe the plan is to run this to single digits and buy them all back. I'll still own more than GP, although who will care at that point. Also, watch for GP to hedge production next. That was the final nail in Placer Domes coffin. Remember?
All just my opinion.
streetgeorge
