no news is good news, page-5

thanks; believe an in-specie distribution of Jinka shares to IRC holders could be on the cards. The number of new shares would be pretty low though (something like 1 Jinka share and 1 Jinka option for each 40 IRC). This all assumes the status quo (no Menzies).

As to whether the vend-in makes sense (and timing), I think it depends on the spec appeal of Menzies. If good spec appeal, then this is likely to be realised more in Jinka than IRC. Menzies will be more liquid and have a better free float after the cap raising.

If Menzies has a high NPV and great cashflow but limited life (eg something similar to White Range) thatn it may be better sitting in IRC.

Comments welcome.