what you cannot see(now), page-82

Most of the time IGR hovered between 40c & 50c and it was punished by plant failure which came at a crucial time when they needed money. As such IGR were temporarily cash strapped and either needed to put themselves into hock with the bank or do a quick capital raising. The rumor was that they were given an offer they could not refuse from major institutional shareholders who indicated that they would sell if IGR did not merge as they did not wish to risk a "single point of failure" (i.e single plant breakdown). As such they were forced to do a capital raising at 29c to stave themselves over. As such IGR was under valued at the time of the takeover. It is true that SLR sp was also dropping but not to the same extent as IGR. As such there was really little premium paid for IGR in reality it just made sense the 2 adjacent tenements to merge. As the deal was also an all script (unlike SBM) deal the value of both SLR and IGR components is adjusted with PoG.

I feel that the auditors will have difficulty putting up a good reason for a write down as it was all script and the value has adjusted on both sides. Other companies (e.g WES - for the Coles purchase) have carried large amounts of "goodwill" on their books without a write down when it was all script.