Ann: IGO: Update on the proposed acquisition of Western Areas, page-16

With WSA now trading at 20 cents above the offer price, it appears that the offer as it stands is not destined to succeed.

I still think that a 3 WSA shares for 1 IGO share would be a fair price. It avoids a capital gains tax bill and allows WSA holders to stay in the game to see their investment evolve as well as the bonus of being a part of the IGO lithium story.

For IGO holders, there is some dilution, however, the WSA holdings are picked up without having to go in to debt, something that may be prudent as inflation takes hold.