The end of a sad saga, it was the result of incompetetance and stupidity of IOR management as well as shareholders who couldn't see past the end of their nose. Nobody was prepared to call it out and say that it was bad project until the new CEO came onboard.
It was destined to fail, the IO grade was garbage and the product produced was only marginally better than garbage.
IOR were never fully paid for product sold, how can a company exist in such an environment.
You have to give full marks to the new management, it didn't take them long to realise the stupidity of mining and beneficiating iron ore in India.
Dare I say its a good result overall, just getting out of India for $1 is a smart more. Administration would be more complicated.
At the present market cap, even with the dilution with the new share issues its a buy in my opinion.
I didn't ever think I would say that.
The share price may go down to the cap raise price of 4c which will make it an even better buy.
Unfortunately many existing holders will only lose money in the end, I can see some share price increase over time but it will be limited to possibly 10 to 12c cents as a maximum due to the significant dilution to capital raises and performance rights.
I'll be a buyer at the open if it opens at 4 to 5c. It will be an easy way to double your money.
IOR Price at posting:
6.9¢ Sentiment: Buy Disclosure: Not Held
