Shaw,
Well said, Shaw.
SUF had a handshake deal for Messina many years back. (A guy named George, who left SUF at exactly the right time way back, did the initial work, with another guy named Kim progressing the project very nicely 'til he got s'canned by the previous BOD).
It was quite fortunate for SUF that Implats lived up to its side of the deal, and even better that some of Messina's institutional holders caved in to SUF's acquisition tender.
If you can believe it, SUF's former BOD had to be convinced by some of its larger shareholders to proceed with the Messina acquisition. Like Vaughn, they questioned the value of more assets in RSA. Unlike Vaughn, they were quite prepared to piss away the remaining equity in SUF down that hole in Angola. Unbelievable, but true.
It is my hope, that as the Messina asset continues to occupy a larger and larger role in SUF's capitalization, that a plan to vend out the diamond assets, a la Diamondex, is developed to allow for a continued focus on global exploration and development. Then we can all be happy.
Unless somebody gobbles us up at $10 next week!
Confluence |
