The cash is part of the reason but of course they have a couple of valuable mines (Westwood, Esskane) that are not being given their due with the other 'junk' high cost or mines IAG has or is a partner in. I don't think they could even buy a decent Condo in NYC from the proceeds if they were to sell COTE at this point! Who is to say the other miners your mention don't have their own poison pills as well?
Good point about Finance guys at the top as CEO and former CFO James Bennett is allowing Sandridge Energy on a path to go BK in 24 months. The board of directors is supposed to provide oversight and stop irrational moves but the last 20 years they are just paid cronies IMO
Yes, it is however with all that cash and current price per share not reflecting the much cheaper cost to mine (oil $55-$60 now versus $95-$100 a few months ago) the whole sector is in an 'eat or get eaten mode' IMO. From the time they get the cash until they start to spend it is the most likely window if anyone will make a move on IAG. Otherwise you are right in that IAG is on the hunt for smaller miners or mines with much lower AISC. The likelihood of IAG overpaying or making a bad deal is very high based on prior track record so the market isn't exactly jumping for joy on IAG right now!
Will keep a lookout. IF IAG were to be taken out it would be right after deal closes and they have all that cash (over 800 million total in bank). Any buyout would most likely involve stock from the other company since most gold miners aren't exactly plush with cash. Many IAG shareholders may not like the deal since their cost basis is likely much higher then current price and would be more than likely higher than any offer. However, the new merged company may in the long run be better for investors should gold run up since IAG could not have been run worse these last several years IMO.
Dec 19/14 Dec 18/14 Snider, Timothy Roy Direct Ownership Common Shares 10 - Acquisition in the public market 99,600 $2.50
Dec 18/14 Dec 16/14 Naik, Mahendra Direct Ownership Common Shares 10 - Disposition in the public market -9,880 $2.74
Dec 18/14 Dec 15/14 Naik, Mahendra Direct Ownership Common Shares 10 - Disposition in the public market -13,500 $3.18
Dec 16/14 Dec 15/14 Pugliese, William Indirect Ownership Common Shares 10 - Disposition in the public market -100,000 $3.14
Dec 15/14 Dec 15/14 Hall, Richard James Direct Ownership Common Shares 10 - Disposition in the public market -4,900 $3.18
Source: Canadian Insider
It must be the stellar management RGDO has!!! However, its probably based on cash minus debt but nonetheless it should not have a strong buy rating I agree. A buy maybe, a hold definitely.
Looks like the put writers won with a $2.53 close (not forced to be short). Yes, the volume was off the charts today. Hopefully things normalize as this is volatile even for IAG! Slow and steady moves are the healthiest anyways.
Yes, not looking good for news by year end if we don't hear anything this week IMO as many start going away and taking vacations starting next week through end of the year.
Like a greedy fool I held with an average cost of about $5.50 hoping for $10 as Leon Cooperman pumped once a week during the summer! Hoping to just break even there if it doesn't go BK first. They will be fine next year with their hedges but 2016 is a completely different story. Also, they will have to cut CAPEX and with the steep decline rates their revenues will shrink significantly.
Okay, I am a little worried but has management not always performed great for us in the past? lol Gotta have a sense of humor here to keep from going crazy although I may be going crazy!!!
Speaking of crazy have you seen SD hit $1.50 yesterday! Wow was that one ever a dud!
They are geniuses! They are great showmen too in keeping the suspense on their 'strategic alternatives'. I think one strategic alternative is to take the money and buy lottery tickets should the jackpot get real big! Their abilities to get something for nothing are second to none (with no one else competing!).
They have been nothing of a success with RGDO too! They almost had a successful phase III study and they managed to swindle I mean raise tens of millions at $4 per share not that many months ago! By not answering phones or returning multiple calls they are only showing us they are too busy to deal with minor day to day stuff like Nasdaq Delisting notice by January or cost overruns in winding down the studies. Who wouldn't trust them with their life savings I ask?
Good trade wmcook33. I have been trapped in writing covered calls $2.50 December for a measilly $.10 a couple weeks back. Of course it runs up right after I sold to open. I will buy back at $.05 and be happy to not get called out of my shares but I am not CHASING this stock which some apparently did making it run up to $2.82 today. Retail likes to chase performance and often gets burned.
My guess is if/when the company gets sold or sells its development products. I don't think the share price would ever get above $3 again (valuing developmental products at 50-70 million at most IMO). It is heavily owned by insiders so I am hoping they are not in it to fleece the rest of the shareholders. The fact they did not announce an immediate liquidation means they still see some value in the 'pipeline' for others to develop and are most likely trying to sell it or entire company with cash for shares in a company who wants to take chance on a new study.
He has to meat certain criteria by end of 2015 to get full bonus from what I read. He is probably related to one of the board members is my guess! Considering the company has no products or income he has a nice gig! We should all be so fortunate!!!
Looks like not many have read or even care but the board just approved a $450k + $450k bonus should certain criteria be met plus 837,000+ shares of which 25% are vested immediately. Now that is what I call adding value for shareholders!
Still no answered calls at HQ or returned calls from several messages left. That is enough to give anyone a lot of confidence in current management!!!
Dec 4/14 Dec 3/14 Pugliese, William Indirect Ownership Common Shares 10 - Disposition in the public market -300,000 $2.69
Dec 2/14 Dec 2/14 Little, Benjamin Richard Direct Ownership Common Shares 10 - Disposition in the public market -7,000 $2.57
Dec 3/14 Nov 28/14 Pugliese, William Indirect Ownership Common Shares 10 - Disposition in the public market -75,000 $2.68
Source: Canadian Insider
I will take that first gap in the low 1's first. Yesterday was a tease thus far. Within 2 weeks I say we hear something on the unblinded data and on 'strategic alternatives'. With estimated EOY 2014 cash of 45 million that puts cash per share at @$1.28. There is also some value in the drug but to which extent is anyones guess. Some value to the NOL's as well. Not sure if the $16 million burn this Q4 will pay off the remaining 3-4 million in debt and buyout any other leases still remaining?