What caused me to buy
1-they were cheap, with a low price relative to NTA
2-they have the ability to take measures to reduce cost of production, and are in the process of doing so.
3-looking at the new estimate of cost of production and comparing it to other producers they should be in the bottom half, (more chance of higher cost producers folding before they do, which should result in less production and hopefully price stabilization)
4-IO is not the only part of the business.
Ann: Change in substantial holding, page-26
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