Tempted to buy here because it offers extremely good value. But...

Tempted to buy here because it offers extremely good value. But am still P’ssed off this was spun off in the first place.
If it remained part of GWR they would have over $40m to develop this . Instead GWR will probably moth ball there iron ore project and be sitting idle with a unprofitable mine if IO price falls any lower .

It was a stupid decision. I would say that is why this is under IPO price. IPO holders are flipping there shares.

Eventually the $5m will run out and this will get diluted. Far more value would of remained if they kept it as a back stop for the inevitable drop in IO price.