imd minerals...or 'quick sand'

G'day all.
Just spotted a late announcement yesterday from Imdex re their minerals division. Seems there's been a huge reporting blunder internally (and subsequently then to market) which will now force imd to wipe off $3.95 million which (from quick calculations) equates to their complete profit from their $36 million forecast sales.

Going by their issued shares and market cap, this would suggest their 18.5 share price (prior to going into halt) would cop a massive drop of around 3-3.5 cents, taking their sp back to around 15c.

Looking at the current buying depth though, I wouldn't be surprised if the sp will end up closer to 10-12c, bit of a shame as imd is meant to be a reasonable little company and clawed its way back to 25c recently after last end-of-fin' year getting dumped, to under 9c.

Btw, I don't own any, just saw the announcement and this is just an observation. I'd appreciate it if any other posters could check it out and let me know what they think will happen to the price.

IMD have got some good divisions within its fold, so for that reason, I reckon they're an attractive share at around 10c and if a holder is prepared to wait 12months, they would again see 20c. Just my opinion.


Cheers, Boardy.