"In the unlikely event (this is my view and others clearly...

"In the unlikely event (this is my view and others clearly disagree) that they intend to squeeze us out, it will have to be north of $0.061, so even in a worst case senario there is at least some reasonable upside from here."

Agree GDN.
I'm assuming the IMC financing is a done deal, so already looking at the trading opportunity of the current 4.5-4.6c entry on offer.
6.1c would be a 35% gain from current (4.5c) levels, 5.5c ~20% gain.
I think ~5.5c sp is achievable by year end assuming an EGM yes vote (removes uncertainty), no new news, av USD50 oil price received, and 5.5c is a comfortable margin below IMC's control enhancing 6.1c options.

As for IMC's intentions, I think their av entry is 25c going by Mongy's figures, which could reduce to ~19c with the options. Once/if they exercise the options they go to 43%, and would need 18months of (3% creep/6 months) to get outright control at 50+%, if they wanted to.
Question is, whats the best path for IMC to get their money back, ie exit/sale at 20cps+ ?
Given their high entry, one could argue they have no choice but to work with HZN management over the long term to realise value in the PNG assets.