Michael McLintock’s M&G Investment Funds gathered 5.14 % of the Novagold Resources Inc. after the transactions placed on October 20th. M&G now holds 12.25 M shares of the company. The stock currently trades at $ 9.87, and lost nearly 26% so far in 2011. M&G did not have any NG shares at the end of Q2. M&G paid less than the current market price of the stock on the date they acquired NG.
There are some other funds that are bullish about Novagold Resources Inc. John Paulson’s Paulson & Co has the most shares of NG, that is 20.18 M. Peter J. Eichler Jr. has the second largest chunk of shares with nearly 16 million shares. John Griffin’s Blue Ridge Capital has more than 7 million shares. Richard Chilton had 6 million shares in NG at the end of June.
M&G Investment Funds was established in 1931 in United Kingdom. M&G operates in more than 8 countries. The firm’s offer of straightforward products helped it manage more than 200 billion UK pounds. Firm’s main strategy is to understand the structure of the company they invest. Now the firm is being managed by Michael McLintock who had graduated from University of Oxford with a first class honors degree under Modern History and Economics.
According to Yahoo Finance;” NovaGold Resources Inc., through its subsidiaries, engages in the exploration and development of mineral properties primarily in North America. The company primarily explores for gold, silver, copper, zinc, and lead ores. It holds interests in the Donlin Creek property covering 81,361 acres and the Ambler property comprising 90,614 acres located in Alaska; and the Galore Creek property comprising 293,838 acres located in northwestern British Columbia, Canada. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc. in March 1987. NovaGold Resources Inc. was founded in 1984 and is based in Vancouver, Canada.”