Remember when Timmins Gold (TGD) (TMM.to) announced its purchase of Newstrike (NES.v) on Feb 17th? Remember your author’s immediate reaction?
“A very, very stupid group of mining people. If I were a holder this morning I’d be spitting mad, as it is I can relax and watch the fallout from the sidelines.”
Yup, that’s a new multi-year low you see this morning.
Your job now isn’t just to laugh in the faces of the dumbasses running this company when the AGM/EGM comes up on April 29th. Your task is also to check back and see how many people in sellside world tried to tell you this Newstrike buyout story was one to like. Here’s a good one for example, dated Feb 23rd: “Why The Timmins Gold And Newstrike Capital Combination Makes A Lot Of Sense”. Ah Sinking Alpha, you guys are the true wonderful. Or what about the information sneak thief Ovais Habib of Scotia, who after taking a close look maintained his $1.75 price target on TMM? Bless him, getting everything he deserves.
But we should give credit where due, such as to Joe Fazzini of Dundee and Philip Ker of PI Fincorp who both called “Downgrade To Neutral” (brokerage code for “get the fark outta there”) on the news.