As Fani suggested, yes there is a very good argument to spin off or liquidate none core assets. The question is, what are the core assets? All the projects look amazing on paper but only 2 of them have real potential: ROF and Beauce. IMO Magpie and all the rest are just dead weight in inventory.

If I were in charge, and I mean this in all hypothetical terms, I would liquidate the dead weight and get more cash on hand... that is assuming a good deal could be done. I would then spin of the Beauce from FNC and only keep the ROF in it because that is what it is being valued as.

That being said, I will disclose that I am a large GNH holder and I am happy that FNC has the Beauce assets as inventory. The rationale is that any company that looks at FNC will take notice of the Beauce asset and bring added attention to the Beauce region which will benefit GNH. Therefore, I am biased and hope Smith nothing but success in the Beauce.

Above are a few grains of thought. But also consider the possibility of an NOT takeover. There are certain ties between NOT management, the ex-Aurelian guys, and GNH, so that would be good to.

Ok, ok, enough ranting! What I am getting at is that something needs to be done! There is so much potential here.