The only buff Runeglaive needs
Is to increase the Ap to 60 ( 80 could be over kill). The mana is fine, mana regen on the passive is fine, the 10 % cdr will be missed but I think that 20 % cdr is not that needed on 1 item, especially considering that many ap junglers would still go for items like Tooth ( For Bruisers ) or Nomicon ( For the more Caster type junglers) and in some cases they couldn't use both because of the cdr could go to waste. Runeglaive's AoE spellblade also applies on Spell Effects ( Not on hit) so it counts as maigc damage for Ludens, Liandrys , Nomicon and Rylais. The only jungler who is effected greatly is Fiddle ( Karthus, Heimer and Brand 2, if you really wanted to jungle with them) . That I am sad about, but other then them, it is a buff to all the bruiser mage junglers, and they are the majority of the mage junglers that we have. In a meta, not all the champs fit, as shown in the current meta. Bork is such a great item because of its effectiveness against tanks that are the major deal now, however, not all adc are so great with a Bork into their build, some use it very well ( Vayne for instance) and others not so much ( Varus for example). The only problem I see, could be the lack of Ap, but that Riot could look into.
