ramelius cashed up, page-6

taking out the respective cash positions IGR is currently not much bigger than RMS - it would in effect need to be a friendly merger as opposed to a takeover to get up, which won't happen because there are no common directors / major shareholders

no point doing it now that IGR have heavily diluted existing shareholders to fund development.. 12 months ago it would have been an interesting proposition as the IGR development could have been funded by RMS's high operating margins - but given the nature of RMS's operations the margins could not have been guaranteed at the time

disclosure: hold IGR, no RMS