Ann: IGO: Update on the proposed acquisition of Western Areas, page-19

I think the cash option may have been used because negotiations were underway with Glencore at the time for the CSA project. It would not be seen too comfortably to be undertaking a major capital raising midway through taking over another company for scrip.

Now that any thought of purchasing the CSA project has been dismissed , that reason for not offering a scrip deal is gone...........unless there is another big deal in the pipeline we are not yet aware of!