Not yet. I think they will struggle. I am expecting the sp to be...

Not yet. I think they will struggle. I am expecting the sp to be propped up until the offer closes. Thereafter I expect it to wander between 3.8c and 4.8c until we get to 24hr MgO production. On announcement of 24hr operation we sholuld see a re-rate closer to 8c and when announced ignot production I expect around the 10c mark.

Even if there is no take-up, the offer is fully underwritten though Ord will not want to be holding too many and a dump after the raise could bring sp down to the high 3's.

If it's going to go any higher than 5c it will most likely be due to +ve announcements re stage 2 and/or 3.
I am hoping by the end of the year they will process some Ni Slag to show the hydromet performance on such slag - that would stimulate investor interest in stage 3. The only other alternative is a take-over however if it hits 10c a buyer will need about $400M - $500M.