From this morning's AFR Street...

From this morning's AFR Street Talk:

http://www.afr.com/p/opinion/xstrata_takes_all_it_can_get_in_vI5utNfjIcqut8MYBcPJyM

Article says:

Word is that Xstrata is that Xstrata has subscribed for its full entitlement in the 1 for 1 rights issue. This ensures that Xstrata maintain their holding in IRN at 16.67%.

Some observers have speculated that now might be the right time for Xstrata to mop up the rest of the shares in IRN (it made a $1.28 bid in 2008), now that the shares are being issues @ 35c.

Indophil, advised by Goldman Sachs, apparently had little trouble in getting the institutional component of the rights issue away yesterday, with a 90% takeup rate, and the shortfall book well oversubscribed.

The company needs the money to maintain its interest in Tampakan after several failed attempts to sell itself.
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High demand = a good thing. 35c should maintain (one hopes).