There are a couple of things which may have been missed by most here. I have been reading through the announcements over the last twelve months. It has been announced that overseas shareholders who cannot participate in the rights issue will be compensated by a Company scheme where the Company will notionally take up the issue for those shareholders who cannot participate, sell the shares and forward the proceeds to those shareholders. As I understand the process these sales must take place between the cut off date for eligibility for the rights and the cut off for taking the rights up. This means that the sale of these "Company" shares has already taken place. Nadolol was acquired by a paper take-over of a US based company. Although there has been a lot of dilution since those times, I would expect that there are still a good number of US based shareholders. This would account for the large dip when the shares were dumped and the recent jump when the dumping stopped.
The other issue which does not seem to have been canvassed here, is the matter of tax losses. From memory, there is about $130M of tax losses in IVX. Assuming that the new technology is successful and revenue earning, we can look forward to a lot of earnings and capital accumulation without tax worries.
IVX Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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