Mkt Cap $180M Gold Held $290M Value, page-31

You and I have had a number of conversations around what the gold holdings of TBR are due to misunderstandings on how the information is reported. With TBR consolidating RND into it's accounts and RND also having a cross holding in TBR, I don't think that the gold positions of either company are clear to the market place. In fact the exact opposite is the case. In addition, to find any information on the amount of gold held you need to dig into the supporting notes of the accounts. I've done this a number of times and I still need to double check my calcs to ensure I haven't made a mistake.

And I agree "the market is the best determinant of price" but I don't think the market is fully informed. It would appear the board of TBR agrees as this is straight out of the share buy back announcement:

"The board considers that the Company’s current share price does not accurately reflect the strong underlying value within the Company’s assets......."

...and to be honest a buy back will only reduce the liquidity so perhaps other methods of educating and reassuring the market are needed.