Good points but I don't agree. The SP has been smashed because...

Good points but I don't agree. The SP has been smashed because of soph selling. In their defense, if you're getting shares a week or so out before spud, you would most likely sell a significant amount to de-risk. And selling the shares and keeping the options is a perfect de-risking strategy. Plus sophs, as a generalisation, have a history of flipping because that then frees up their cash for the next offer.

I also disagree that IVZ has been screwed over by the government. The government has taken significantly longer than we wanted or expected to do the things they need to do but they haven't screwed IVZ at all. We've got all the acreage and permits that we need for the moment and the terms in the various agreements all seem fair and reasonable to me.