Oh Xstrata! You are too clever for your own good. I bet you...

Oh Xstrata! You are too clever for your own good. I bet you never even anticipated that the prized Tampakan asset itself can be sold off seperatly to a third party did you? What did you expect? That the bid will fail and you will offer $1.00 (ish) for IRN is 6 months time?

This deal is going to be hard to overcome. Xstrata has 20% and LST has about 6.3% of IRN. The shareholders need to vote on this deal. A special resolution will fail becuase 75% majority is needed (Xstrata and the pathetic LST will vote against it). But this deal only needs a ordinary resolution (ie 50% majority) to get this deal over the line. I would say that this is achievable.

Brilliant work IRN directors! Very creative! Your directors fees are well earnt!!!!