Ann: Trading Halt, page-30

I see a few outcomes here.
1. The MZ affiliates sell their holdings which for long term holders will present an opportunity to top up and leave a bright outlook going forward.
2. They keep their holdings and start buying more. My understanding that the earliest they can call another vote is about 3 months away, would be great to get some clarification from IMA on this. This should see a good rise in the share price along with investors buying back in before divvy ex date.
3. The board fix up our cap table a bit. Either via a placement to a new strategic party that wants in with a blocking stake or via m&a.
Meanwhile the zircon price keeps marching higher, which at least in my projections is quite surprising. In my bull case calculations I thought we maintain the elevated prices for the quarter, but I don't think anyone was expecting another leg up. That will result in another increase in contract pricing which will help offset the lower grades coming up and leave us with more than enough cash for the atlas move.