amarksp, I completely agree that RNC had huge potential for excellent earnings. Unfortunately, they failed quarter after quarter after quarter to realize that potential. They never even came close to meeting their OWN goals. Every quarter, they had some lame excuse why their goals were missed. The only conclusion I can reach is that the mines and the company were poorly managed. By repeatedly missing their own expectations, management drove the stock price into the ground and made it increasingly difficult to raise the money they needed.
Maybe things were just about to turn around, but in my opinion, RNC management had their chance, and they blew it. Yamana deserves to profit for finding the value in the properties and building the share value needed to purchase them. Yamana seemed to be the only company willing to take on the challenge.
Maybe RNC management did sell the assets at too cheap a price without engaging other potential buyers. Maybe they were more interested in getting a deal where they got to keep one of the properties for almost nothing. In my opinion, that is one more reason we should be happy to be rid of them.
