Something also interesting to take note of in regards to the quite nature on BB’s for AR is the departure of the retail shareholders and increase in institutions.

Change over the past year roughly.

Sept 2011 presentation retail +/- 20%

Nov 2012 presentation retail +/- 12%

Institution has increased from 75% to 83% over that period.

Management maintained 5% throughout.

Im interested to see what the share make up will look like with combined PDG shares and how it changes in the coming quarters.

Regardless... The decrease in retail holding has taken place over a period where the share price has more than doubled.

A couple questions I think about when looking at this is, how much of the float can institutions purchase before selling back to retail?... at what price does retail get to buy these shares back?

jwits