Subject re: heron – portman j5 prospect iron ore drilling Posted 16/06/05 14:37 - 46 reads Posted by Sally_Will IP 202.7.
Post #623735 - in reply to msg. 623460 - splitview
Gerry,
As a result of CTR's failed bid for Heron Resources over three years ago, Heron made a decision to "spin off' its non nickel assets. This gave Heron shareholders free shares in a gold play Avoca Resources (currently approx .30 cents) on a 1 for 8 basis and also first bite of the cherry in the IPO.
This was then followed by the "spin off" of Pioneer Nickel - sulphides - on the same basis as above. In effect long standing shareholders are virtually free carried in their Heron holding based on current prices.
It is public knowledge (as is everything about Heron) that the intention has always been to spin off at least two and possibly three more companies, namely Ochre, which was once again mentioned in todays report, Regent Resources and POSSIBLY Balladonia Oil. I believe that the market has overlooked Balladonia and it seems that it may have some benefits for Heron / Inco to retain it.
Not a bad pick up even considering the current share price to receive free shares in at least two future spin off's combined with first bite at the IPO's. With Heron's vast and specially targeted tenements then it is little woder why we see a delay in the signing of the formal agreement with Heron. Once again this in the public domain for those that care to look. Heron it would seem, has to condense its tenements to form part of the agreement with Inco.
Heron's is a great story and the toil, sweat and strategy is gradually turning a dream into reality.
Sally
HRR Price at posting:
0.0¢ Sentiment: None Disclosure: Held
