What will IGO do re the MCR takeoever bid?, page-27

Not entirely correct. I understand that IGO is an obvious option but any bid could ultimately come from anywhere.

If Pan starts producing the forecasted cash-flow, it makes any cheap bid a difficult sell. The bidders generally try to take you when your pants are down and before you can prove to the market that you’re a viable operation worthy of a premium.

If IGO was to take Pan over, I would be fairly confident to state that they would be able to slash costs even further by utilising its buying power, experience and broadly speaking the achievable synergies.