trying to finance such a facility is quite an effort to get over the line.
remember - igr was reliant on the banks, not the other way around.
It was not the board, as you have put it, that has let this happen.
My experience with financing these types of projects, is that an approval will not be given on the basis of a progressive hedge - or on the basis that "it'll happen, trust me".
The bankers requirements would be such that an approval would be granted if and only if a hedging book was in place.
IGR could not have entered into construction without full and unconditional finance approval - enough to see them thru. To do this would be foolish, and just plain dumb.
remember, we were a grass roots project...an unknown. if a progressive hedge was put in place then the banks would have seen their position as exposed and would not have been happy with this. the whole reason of the hedge is for certainty.
remember...hedge = full and unconditional finance approval. It was only on their terms.
the other option was to issue more shares - but lets not open that can of worms.
lets get the horse and cart the right way around.
IGR Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held