FRG was at $1.22 near the end of '08, and has been unrelentingly rising until its overnight pop to its current price of $14.37; somewhere in between it changed its name. Now listen, I'm not saying the name change had anything to do with NEM's buyout. However, it may have given FRG added visibility and attracted PM investors resulting in a higher price on which to add NEM's premium.

TDC's new major shareholders are probably not in this for a 30% profit from here. Perhaps a JV may be their preferred path.