Who wrote this?
“This long-expected news has turned out better than we’d hoped, given the state of the junior gold market. An offer for cash, even at a 50% premium, would have been a disaster for many shareholders. Fortunately, the offer is for shares, and we like New Gold well enough to want to hold our new shares in that company. The best part is that New Gold is down more than Bayfield since gold’s recent sharp decline, and that adds leverage to the rebound; our NGD shares should recover faster and go higher than BYV shares on their own would do.
It’s a relief to see the light at the end of the tunnel here, though we were very sure it was coming. This deal should work out well for us. We encourage all BYV shareholders to support management and vote in favor of the Arrangement.”
Hint: He thinks the people who pay him are fucking stupid.