Interesting after market trade.
626,682 at 14c reported as an "L5XT".
...hmmmmm.
The last rights issues was conducted by RBS Brisbane and the 8% shortfall was taken up by Contango Microcap (3rd biggest holder).
Now this rights issue is being conducted by the biggest shareholder with the second biggest holder as the sub-underwriter.
I just get that feeling that they know it's probably on the cusp of spitting out great money and this could be their last chance to make a motza from their investment. They did the same sort of deal with the last issue with Andean resources - underwritten by Macquarie, sub underwritten by Sentient and with the same director representing both parties.
....and then they were swallowed up by Goldcorp for 5 times the rights issue price.
Now I would expect IDM management to release further information to it's shareholders regarding the changes to the plant, throughput rates and recoveries. Let's hope they've got this right, because this will seriously get the market's attention to a project that will be around for 30 years plus.
Pep
Interesting after market trade.626,682 at 14c reported as an...
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