I am not impressed with a note at A$0.185c conversion and 12% on money but the key points are imho.
1:US$10m to get on with the job of cash/oil flow.
2:Equity remains at 40%.
3:Flexibilty with farmout.
4:IMC have kit to add value and all the incentive to do it.
Though I do not like 0.185c conversion, success will be in the detail and I trust managements ability to deliver.
It appears IMC did well here considering 24c yesterday.
Bring on Yakal.
cash equity retained and flexibility
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