edshann i sold at those levels too ( marginally higher infact ) as I thought we were less undervalued as it approached 30c and the risk of board change was imminent. Had only a tiny position vs over 4.7m shares before sell down However we are more than 50% down from peak, and have 53 m on balance sheet , inventory of 30 plus million and 3 quarters of production , plus land plus new assets. I think today I would value IMA less than the mid to high 30s I did at the start of the year due to costs pressures , but I still think we are worth high 20s to low 30s and with such a strong balance sheet and low PE, extracting 35-50% from this levels I don’t see as hard over a 12-18 month time frame.
Partly filled today at 14.5. Even at 17.5c that’s 20%
IMA Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
