Mordashov/Nord is signaling to the market that they do not believe that HRG is worth what its peers are worth by offering so little. Therefore Nord is, by ricochet, not worth more than its corresponding value according to the same valuation principles.
As stevehrg outlined, there are no compeling reasons to sell. The obtuseness of Nord/Mordashov is unbelievable.
Ultimately, as others have mentioned below, when HRG generates even more free cash, Mordashov/Nord will itch to make a cash grab to support its floundering business. By then, HRG will escalate even more in value and its stock be undervalued evermore, inching itself away from any type of offer that Nord could make with its own cash ressources and/or diluted paper.
With rampant corruption nowadays and lax regulatory oversight, it would not suprise me if they cooked the books to try and fool us out of our money. Let's see if the trend in 'intercompany' fees for services escalates, if material purchased for HRG ends up servicing Nord's needs etc... this could be disguised as operational cost increases. It would be interesting to have a detailled explanation as to why the cost of production went up so much these last quarters or so.
Congratulations are in order to the mine staff, the little guys who are working hard at the mines to improve production and identify/increase ressources.
Nord is gradually painting themselves in a corner. I hope that we reach the 104 million or so shares required to forever block these guys. Let them walk on their own paint. Isn't there some way that we could form a holding to definitely remove these shares from the market, effectively making the company quasi private?