Grammar aside, this post heading is quite relevant.
OK, so mission accounplished some might be saying, she's dipped below 1.60
I personally think this CR and really just the performance of the associated Renouncable Rights are simply victims of circumstances.
looking purely from a technical and "fair to all" perspective, the Renouncable Rights listing has been fine. We as existing stake holders have been rightly given the opportunity before others to invest further funds into our company. Remember we own our individual parts of this opportunity.
Fosters invoice for $800k is also well within the norm for underwriting approx 2%. Could have been more but the stock is in very safe hands so minimal risk.
The fact that no news has come forth to show further present value above what we already know is disapointing for sure, but really just that unless you were considering flicking your rights for a quick profit.
So now that it's slipped below 1.60 all that has changed is those that were looking to flick, can't afford to purchase or have lost a little faith will surrender theirs to those with available $$.
Now the team at IOH and Fosters aren't stupid. The majors, top 20 with 70% will likely take up theirs leaving about 7.5 mil rights for us minnows. I saw about 2 mil went through yesterday a large parcel off market?. There's bugger all shares selling and with the rights now worthless to trade, Fosters will be the grateful recipients of a nice fist full of shares that would not have occured under normal trading. All that said fosters have backed this stock very hard and their reports could not be construed as trying to pull the share price down. They have reported "discussions in the background" with multiple parties & not just the big3 regarding deals for "ore to Market" IV is certianly signalled as "ready to go" and I think it will go but looking at the available partners I get a headache. I see rail crossings to make some work, new alliances with current parties left high and dry and possible new players/funding from Indonesia etc. I guess simply put we'll see (1) IV up and running even if just the locked down time line with framework for deals agreed on "ore to market"she's big, the ore is excellent and potentially some available port tonnage if they get their way. (2) Bungaroo mine plan and and deal for transport and finally Maitland, that certainly has a current interest when you consider that rig and associated crews could be deployed at Bungaroo or other ripe targets.So Maitland is possibly easier than Bungaroo re ore to market? or they have a current external interest in that ore. Then of course there's Kurrajura a typo or real
AS for the CR and our opportunity for a little fun trading our rights (or not). I think it was just a pipe dream.
News and rewards will come in time for the patient ones
IOH Price at posting:
$1.58 Sentiment: Hold Disclosure: Held
