Angers. we just don't know who UBS are holding the shares for....

Angers. we just don't know who UBS are holding the shares for. If Pala (or one of its local buddies) wanted to make a t/o bid for IGR, they could easily emerge as holding 21%.

However, t/o is unlikely now that plant construction is underway. They could continue to surpress the SP all the way thru to first production and then move when the project is completely de-risked. By this I don't suggest that SP will be sub 30c thru this period. POG movements, huge resource/reserves upgrade and imminent production should see us much higher prior to production.