ubs, page-7

Angers. we just don't know who UBS are holding the shares for. If Pala (or one of its local buddies) wanted to make a t/o bid for IGR, they could easily emerge as holding 21%.

However, t/o is unlikely now that plant construction is underway. They could continue to surpress the SP all the way thru to first production and then move when the project is completely de-risked. By this I don't suggest that SP will be sub 30c thru this period. POG movements, huge resource/reserves upgrade and imminent production should see us much higher prior to production.