Macquarie is bullish to 20c LOL. Thats half MCR MCap, same MC...

Macquarie is bullish to 20c LOL.
Thats half MCR MCap, same MC would be PAN at 37c but its 17.5c?!
Should be a 47c target.

This preso confirms they are looking for a blocking stake holder to go to 11% & doing a CR
This would be to prevent IGO sweeping its 21% to 51% and taking control of PAN as im sure they have been planning since their last bid at 47c for PAN.

Who could take this stake to block IGO and really block them?
BHP POSCO RIO Gina FQM Glencore Trafigura itself?

rule out AF who holds 5% here but who has failed to increase and has a history of lowball sellouts -
AF sold out his 9% of WSA under the IGO bid recently for a pathetic 25% gain and also sold his 20% in AGO from the Gina bid for a pathetic 25% gain and recently also sold down his POS holding from 17% to 3% for another pathetic 33% gain. Dont count on AF at all.

Creasy is the new Nickel King and IGO will bid for PAN using all cash imho,
only a matter of time imho.

https://w w w . i g o . c o m . a u /site/pdf/ce0426b6-ae6c-42eb-a490-2990eaf2a23b/September-2022-Quarterly-Activities-Report.pdf

IGO is making massive FCF currently increasing its cash from $284M toward $700M cash Dec 2023 at a rate of $400Mpa underlying ebitda boosted by the WSA HG revenue & margins plus higher NP with Ni production booming up 50% QonQ reducing its net debt by 26% QonQ, WOW.

At this rate next year IGO could bid for PAN using cash at bank only needing 79% of the MCap $300M, easy.

PAN is the No 1 takeover target in Australian Nickel right now imho.
If PAN wants to block this they MUST find a new top 2 holder at 11% FAST or resile to IGO sooner or later.