Ann: Change in substantial holding, page-11

I would like to see that massive drill result outside of Peterlumbo JV.. the directors of IVR are taking a massive gamble on their duty to act in the best interests of the company by continuing to act as if there is no problem with the Hindmarsh debt.. Hindmarsh are in default and IVR seemingly refuse to even issue a default notice or even acknowledge that this should have been sorted out before raising capital...

HIndmarsh of course retain the right to sell the 25% stake, but not without notifying IVR and IVR have first right of refusal but this should have happened ages ago... not after drilling and after results and now after a cap raising

Even more concerning is that IVR have the right to offer to purchase the 25% based on an independant experts advice or valuation because of the ongoing default, so why they have not initiated this kind of thing is beyond me.. an independant valuation now would put the 25% at next to nothing when offset against the debt..

Sure the oppies are up and that is pleasing but the company is in fantasy land regarding it's corporate behaviour... they don't want to take legal action because they think it is not in shareholder's interest to do so.. i think this is a cop out.. it does not need to end up in the high court of australia, they just need to initiate default notification.. if Hindmarsh cannot come up with the necessary funds or an acceptable plan, it moves on to stage 2.. Hindmarsh do not have a leg to stand on..

Ajax could be a game changer and IVR are prepared to drill it, pay 100% of the costs, and then bill a company with no money for 25% and leave shareholders with 75% of the benefit and 100% less cash

In some ways I guess the options compensate the participating shareholders for the risk, but the enemy of shareholders is dilution and unless Hindmarsh deliver, we will be raising again in 6 months