I expressed some apprehension IGO would squander its cash with an impatient acquisition before rumours wrt SIR surfaced. But I never expected them to also give 55% of existing assets away.
I also expressed strong reservations immediately the deal surfaced, and when it was announced.
Blind Freddy insights do not require the advantage of hindsight. Sometimes boardrooms seem like they are devices designed to remove commonsense, but then again perhaps a testament to the lucrative mind bending craft of M&A advisors.
Nothing foreseeable that is going to return the wealth to my shares that was transferred to others in this impatient ego driven folly. However at least the asset is not a dud, albeit way overpriced.
EL
IGO Price at posting:
$2.61 Sentiment: Hold Disclosure: Held
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