Nothing beyond what's already out there JTLP. Avoca also used to frustrate me as a holder, never quite got a grip on the price action drivers.
I would make the observation with TSX:ASR/ASX:AQG that there may have been an over-reaction to a good announcement, followed by an over-reaction to the downside.
In late March, Alacer announced a preliminary feasibility study had increased life-of-mine production by 182% at the Ҫӧpler gold-copper project in Turkey. The market liked this, so we saw shares at $10.50. But using the multiplier 0.4453, this was equivalent to Avoca at $4.67 = getting up there. At $8 that would be $3.56, a bit closer to the mark. So at some point buyers will reappear (imho).
Lets not forget, ASR/AQG is a producer: http://finance.alphatrade.com/story/2011-05-12/CNW/201105121107CANADANWCANADAPR_C3935.html ...on 12 May 2011
"..First quarter produced 91,259 ounces, with 61,085 ounces related to Alacer Gold following the close of the merger. With the commissioning of the new Ã‡Ã¶pler Mine in Turkey now having achieved commercial production and completion of the pre feasibility study for the sulphide ore expansion, and the operations in planned development of the mines in Australia, with Vine now being mined, Chalice being redeveloped and the expansion study of HBJ expected soon.."
The other thing is whether the ETFs have done some rebalancing, I noticed that GDXJ (Junior Gold Miners ETF) currently says 4% of it's fund holding is ASR/AQG.
At over $8 for a share - it's a big end of town plaything now, but that doesn't mean a time won't come when it will be about the buyers again.
Yes I still hold (thankfully) - bit my tongue for bagging this merger
The Turkish Lira hitting the skids is probably helping to boost this one. Quite a smooth operation (fingers crossed). Hopefully it tracks gold a bit harder...always seems to be stuck in that bind that AVO was (never really increased as much as other goldies...but fell just the same...)