Ann: 2021 AGM Chief Executive Officer's Presentation, page-15

MGT,
I have followed IRD for several years now and the only new info for me from this forum was by Goldstar re a link to KIera desalination plants by IRD dated 2015.

At earlier AGM's IRD has mentioned a small open pit at Gawler could provide initial cash flow as the hematite is outcropping at Gawler.
Over time it could become a 4th production hub

A hostile T.O. has no chance of succeeding because a raider can not gain critical mass. The usual strategy is to assemble an initial 4.99 % share block; line up a few sellers and then bid for the rest. 18 out of 20 of the top 20 shareholders have been aligned for many many years. The 19th and 20th are Wise Owl. They hold 0.29%. That's less than 1% It's a mountain too tall.

It will be interesting to see how many warrants are distributed to Macquarie Bank.
My reading of the situation is that they failed to convince the group of farmers to put up enough money to help build thier share of the port.
IRD will revive the 2015 fall back position
IRD probably wanted a take or pay volume payment that aligned with it's universal throughput cost of loading & the farmers said we would rather store it in our own silos on the farm.
Will the right to take up 20% of any placement be still handed to Macquarie in the light of them not bringing the farmers on board.