IMO, Integra are subtly revealing that they are in the cross-hairs of gun barrel for a take-over very soon. First they announced in the Quarterly that they have appointed advisors for take-over defence and mergers. Then, a keen eye on today's presentation reveals the following key aspect in my opinion. That is: Baker Steel are now sitting on the Integra share register with 4.9%. Of course Baker Steels shareholding need not be disclosed to ASX until 5% or more. But here we are with Integra disclosing this holding by way of presentation. Good one CC!!
Why is this highly relevent: Baker Steel showed up on the Dioro register in Sep 08 with 5.2%. They then bought up to 10.4% of Dioro through to Feb 09.
Then in April 09 Avoca announced its intention to take over Dioro after already acquiring a 14% interest in Dioro by entering into unconditional share purchasers with Dioro's two major shareholders including Baker Steel Capital Managers.
Of course we already know that Avocas major shareholder Pala has a major stake in Integra.
Two things are in Integras favour to remain independent or at least manipulate a rewarding takeover offer: 1. Avoca's distracting and continuing wrangle with Ramelius for Dioro. 2. The fact that Acorn have a 10% Integra stake.
In my opinion Integra will be in play soon.
IGR Price at posting:
23.5¢ Sentiment: Buy Disclosure: Held
