...and then what would be the next step if we found that Scotia has been accumulating quite a substantial position (for its clients most likely, rather than buying for itself)? Contact the OSC for an investigation of trade irregularities, and the linkage of these activities with a hit piece by one of its analysts? Looking at other aspects to find a potential conspiracy would be a waste of (more) time.

I would suggest that we just ignore that lone report that has a target price of $0.50/s (while several other analysts indicated ~$4.00/s). An analyst is entitled to write a review, but it has to be a reasonable one, based on facts and well-thought out arguments, and certainly not as a hit piece. With a prediction like $0.50/s while the market price is ~$2.52/s (PRB intrinsic value would be ~$10/s if all holdings are considered) would indicate that the market has ignored that review.

PRB cash position is/or will be soon ~30 +26 = $56M. Let's enjoy the additional $26M in the kitty, regardless of the tax benefit that the buyers would get under the flow-through scheme. This makes no difference to the $3.10/s that PRB would rake in (23% premium over the current SP; actually, it was over 40% premium over the SP a few days ago...signaling a positive market sentiment).

BTW, $56M represents $56M/84.8M shares = $0.66 cash per share. If my math is correct then the cash component alone (ignoring the chromite, and of course the 7Moz Au deposit) represents a 32% premium over the $0.50/s target suggested by that lone/rogue? analyst.

I would suggest, just bury that report, burn it in the fireplace, or put it in the recyclying box along with the other paper trash.

Cheers,

goldhunter