mozzie, i'll have a go with my general thoughts on the takeover.
I'd say all of us are disappointed with the SP. I do believe there is a distinct floor with the SP- 86c was the price San Miguel paid for the placement, and it's the pri ce they've referred to in the media. We are close to that price now, and I don't believe it would go low *except* if the T/O does not happen (and then it could fall to 68c or whatever the price was before the takeover talk occurred. This is just the same with all takoevers, though- no big deal, really.
The IRN situation has not changed- still about 6 years until it is able to mine, so exploring right now. The community discussions taking place, even if they don't result in a positive outcome right now, won't change much- they could always occur later, and I am sure SMC knows that. Open pit mining was banned when SMC bought into IRN, so that shouldn't be an issue- it seems they want the asset- and there is richness in them hills.
SMC has been going on a buying spree right now. That might be a worry- they must be loaded to buy everything in sight. Maybe they are loaded and can afford IRN too- one would imagine that to be the case. Perhaps it is in their interest that we are close to the placement price. Maybe they'll offer 30% in addition to the placement price, or 50% to look generous.
If this takeover happens, these prices are a bargain. If SMC doesn't buy IRN, someone else might. If no takoever happens, these prices are not a bargain.
As to technical matters, someone else might know something. I'm more interested in if the T/O will occur- the share prices are awful right now (unless one wished to buy or buy more, in which case, they'd be liking these prices).
None us us have any idea, really- only the players in the game, but it's good to discuss. Sentiment amongst shareholders is probably a bit low right now.
IRN Price at posting:
74.4¢ Sentiment: None Disclosure: Held
