Well, what you consider true value and what another buyer considers true value might be 2 different things.

PDG isn't the first to go for a song and it won't be the last. the biggest problem is the current share structure. There's already 300 million shares out and for PDG to do it on their own, you'd have likely double that by the end of the day .... assuming Brian could even get financing on his own to build this mine. With double the shares you'd have to nearly quadruple the value of PDG to get what you're being offered right now. That might happen in 3 or four years but do you really want to wait that long on a risky investment combined with a poor global economic outlook?

With AR you still have Magino along with producing properties and more coming on stream sooner than Magino will. Future cashflows from existing production will pay for building Magino. It could easily be argued that small shareholders like you and I will get the same value for Magino over the next 4 to 5 years with much much less risk. How is that a bad thing?

Many would say shares outstanding would mean nothing and it's all about market cap. On paper that's true, however the more shares out the more banks and brokerages are hovering over watching their investments closely. It would be foolish to think that Casimer et al did nothing to encourage such a deal and it's likely that one of them brought AR to the table. Maybe we are being screwed. Frankly I am glad I don't have to hold PDG for another 4 years or more.