Ann: IGO: Update on the proposed acquisition of Western Areas, page-25

A sale in which holders can take cash or swap scrip 100% is necessary. A corporate swap facility would do the trick. But beware: IGO stock is expensive, its currency inflated.

I highly recommend WSA buy another 3% of PAN under creep provisions. $18.5m, bank debt. Grow the balance sheet. Set the monkeys talking. Create the option of a 24.5% interest in 12 months - or even in seven months?

If WSA is for sale, fluff up its feathers and present a plump breast. This nickel boom has a long way to run. I see no reason for WSA being a pawn in someone else's game.

Ash