relative value

The goldies have had a poor run the last 12mths but its very much about relative value to me with some of them now.

I've followed a small group of mainly Australian goldies for a few years - NGF, FML, IGR, RMS, GDO (Sth African), SLR etc.

At the start of 2012 I owned quite a few NGF and although I'm not that happy about the takeover bid it has held the price up as other goldies get caned. In January 3 NGF = 1 IGR share. Today 1 NGF share buys 82% of an IGR share.

Have sold some NGF to buy IGR as relative value irresistable at this level. Looking forward the next couple of years - no debt, $$ in bank to drill with, should be able to extend reserve life.

Do agree with many here that no more shares should be issued...close to 1 bln is enough - we don't want to become a Focus!