Yes, thanks arp33. Philippine journalism is even more comical than the AFR. Generally the Filipinos are just sometimes incompetant, but that Citadel article in the AFR was a nice example of self-interested fail.
SMC could have had as many shares as it wants. They still can. The old and battered "For Sale" sign can be hung up again. The equity issue is not news given that IRN wants to be outta there. Where's the conflict - 100% of IRN is for sale. Everybody knows that. The talk about 51% is by the poorly informed.
Think about the $200m IRN are committing plus the extra $500m by Xstrata just for near term approvals. Not even a peso yet for construction or infrastructure. I can assure you with that sort of dosh a first class resource can be developed in the Philippines all the way to production. As long as it is in the right place and it is done the right way, and by the right people. Unfortunately Tampakan fails on all those points.
By the way - how does a so called oversubscribed rights issue end up with a shortfall?
Frankly, Tampakan doesn't make sense for anyone to put money into IRN - although perhaps the project still does make sense for Xstrata, and IRN holders are simply being milked by the IRN corporates who probably don't even care they are staring down Xstrata's gun barrel.
IRN Price at posting:
39.5¢ Sentiment: None Disclosure: Not Held
