what is going on, page-19

So here's the answer

'The availability of the facility is subject to the completion of certain conditions. As at 31 December 2013, the Consolidated Entity has not fulfilled all the conditions of the agreement and hence has not drawn on the funding facility or issued the Convertible Note.'

For those interested in these conditions, I would recommend you read the 'Notice of General Meeting' 18/11/2011 ASX release.

On first read, and skimming a lot of detail, my understanding is that Glencore would need to approve the target however the shareprice of IBG isn't relavent to this decision.

It's not all positives though, so read it if you haven't already. At 242 pages, it's daunting, however it does contain some interesting information on similar project economics and valuations as part of the PWC audit of the deal.