G'day Spiro. The current SP tells us that "the market" has...

G'day Spiro. The current SP tells us that "the market" has priced in a loss of 40% to BPT, has also deemed that 626 will be a complete duster and has also totally dismissed the $30 billion GSA. I.E. The worst case scenario for the three biggest things going for ICN.

Not surprisingly, I think that the market is wrong on all of those counts, but, that's how markets work. They do not like uncertainty and rate the SP accordingly. That is why I believe that there is a lot of news to come from ICN to "clarify" all uncertainty and that will be the time when we will see a re-rating of the company.

But, until then, we will continue to be treated like all other O & G "hopefuls" - a punt.