I doubt it youre kidding right? An IGO all scrip bid would allow...

I doubt it
youre kidding right?
An IGO all scrip bid would allow AF Zeta to take shares in IGO which in the past bid for WSA IGO sought to avoid at all costs.
IGO has $780M cash at bank and you think they cant put in $100M to get PANs $45M cash plus keep their $45M cash investment in their 16% shareholding in PAN already paid.

$100M bid say gives them 45M +45M = $90M retention plus Trafigura offtake debt $50M which they can also pay out or rollover into their existing Trafigura offtake deals for Ni production at Nova thats 50% sent to Trafigura already.
WIN WIN WIN for IGO Trafigura & PAN shareholders (at 3.5c ps)

Heck they could afford $250M easy but trafigura doesnt care about how much the LTHs recover, they just want their debt back & offtake

An IGO cash bid makes the most logical sense.