Speculation mounts re Sirius' Independence, page-37

For what's it's worth, Hartley's notes received today:

SIR (Sirius Resources NL, +5.0% to $3.255, m.cap A$1307m, Ni, Cu & Gold: Developer / Explorer): Trent Barnett

• We note the news that First Quantum is raising US$1.2b. http://www.bloomberg.com/news/articles/2015-05-20/first-quantum-to-raise-up-to-1-12-billion-in-share-sale
• In the Weekend West, First Quantum was named as a contender for acquiring SIR.
• We note though that First Quantum has a lot of debt, so could be just a balance sheet repair raising
• Nonetheless, we note that the press won’t drop the story that bidders are looking at SIR, which is probably more relevant.
• We have a Buy recommendation for SIR.