hedge funds - make what you will

Current volatility is because of the HF's - why? Because they were assuming this deal would be done and dusted before the end of the year ... and deliver them their bonuses.

Now as far as I am aware, the exclusivity period ends 10 Jan 2010 and has always been that date - unless someone has moved the goal posts.

So some of the HF's are a bit nervous about their anticipated bonuses.

Funny how logic works - they could all buy the stock and drive it up in price to say 1.26 by the end of the year. HELLO???

Moving the discussion on to SM - in my view if they were smart they would move now (and I am not saying that to influence anyone). Plain simple logic tells me that the smart move is to get the asset - based on the facts that they have Xstrata and the Government as "partners", the price of copper, and basic common sense in knowing full well that 1.28 is the floor price.

If they were keen to get this wrapped up, they ought to bid 1.50 and take it out with the full support of IRN shareholders.

Come 11 Jan - plan B will play out (whatever that is). Make no mistake SM - there are other options and you have had your period of exclusivity (well almost).

Phil