good buying today

Good punt on IRN today...Xstrata now holds just under 20% of the company, anymore and thye will need to launch a full takeover.
The price has dropped today to levels before the alternative takeover offers came in.
The reason the stock has fallen harder than it should is margin calls.
The stock should recover today/Monday once people see that anything under $1 is a bargain and the margin calls stop.

The Stanhill offer was for $1.28 per share, the xstrata offer was also for $1.28, stanhill dont have the cash anymore but for xstrata its a drop in the ocean.

xstrata can now pick up IRN substantially cheaper than they could yesterday, companies like them dont buy 20% of something and launch a takeover offer then just sit on their hands.

xstrata tried to block the stanhill offer, why, because they want IRN, expect an offer to come agin in the next month or so once the average price of irn has dropped back-

Xstrata seeks Takeover Panel orders re Indophil bid
18:21, Monday, 30 June 2008

Sydney - Monday - June 30: (RWE Aust Business News) - The
Takeovers Panel has received an application from Xstrata Queensland Ltd
in relation to the affairs of Indophil Resources NL (ASX:IRN), which is
the subject of a takeover offer by Xstrata.
On June 20, a consortium comprising Richard Laufmann (Managing
Director and CEO of Indophil), the Alsons Group and Crosby Asset
Management Inc, announced a competing cash takeover offer for Indophil at
$1.28 per share, valuing Indophil at approximately $500 million.
Xstrata submits that the consortium does not appear to have
sufficient funding arrangements in place to support the the bid or
reasonable grounds to believe that it will be able to secure sufficient
funding by the time the offers become unconditional.
Xstrata also submits that the consortium bid has created a false
market for Indophil securities with the result that it is not possible
for the acquisition of control of shares in Indophil to take place in an
efficient, competitive and informed market, and that Indophil
shareholders do not have enough information to enable them to make an
informed decision about the relative merits of the consortium's
bid and the Xstrata offer.
Xstrata is seeking final orders including that the consortium:
1. Provide the Panel with evidence (satisfactory to the Panel) of
its ability to pay the consideration under its bid;
2. Be prohibited from proceeding with its bid until it provides
such sufficient evidence; and
3. Be required to include in its bidder's statement certain
information about the funding, including the ultimate source of the
funds, the proportion given by each lender and the security given for the
funds.
ENDS