@Bazz58 - do you know for a fact that the IPO team for...

@Bazz58 - do you know for a fact that the IPO team for International Graphite could have bought the Springdale for all cash but chose to offer Comet Resources all IG6 scrip instead? Paying Comet in scrip or raising the cash through the IPO so as to pay Comet in cash results in the same amount of dilution, as in the same number of additional IG6 shares would have had to have been issued either to be distributed to Comet or to the public.

My gut feel is that it might have been Matthew O'Kane that insisted on Comet getting a whole bunch of IG6 shares and on him getting a seat on the International Graphite Board. From what I can gather MO'K as good as gutted Comet by selling Springdale to International Graphite (as the evidence seems to be that Comet's remaining projects suck big time) and I'm guessing that MO'K saw the significant holding in International Graphite and the Board seat as his escape hatch. A bit unfortunate all-round that the escape hatch has crashed and burned.

@martinoh I agree with you that Phil Hearse needs to bring in a cornerstone investor and I would hope that PH gets the cornerstone investor to act to stablise the overhang of IG6 shares created by Comet's problems. There are about 194m IG6 shares issued and Comet still owns 32.8m shares, so they still have about 17% of the IG6 registry. Say some sort of deal was structured with a cornerstone investor for either the investor or International Graphite to block trade say 10% of issued IG6 shares from Comet, around 20m IG6 shares, at around current share price, that would provide Comet with cash of about $1.6m and would end the current situation where Comet and MO'K has a squirrel's grip on International Graphite. I'm not sure why a cornerstone investor would be so giving - their money would end up with Comet not International Graphite - but then again I would expect there's a smattering of deal makers operating in Australia that a bit brighter than me and can conjure up something that is workable. But the other complication is, as I suggested above, that MO'K might see this current arrangement as being to his benefit and so he may not be willing to cooperate.