What will IGO do re the MCR takeoever bid?, page-88

If IGO thinks PAN is worth 19c ps, whats it doing at 10c?

IGO obviously a suitor here holding 21% of PAN and with all that FCF of $300Mpa could swallow PAN whole before AF gets involved here like he did in WSA & MCR.

PAN is a producer and has a MILL with signed offtake and a $45M DEBT credit line with Trafigura.

Wait for the high volume or Zeta offmarket sell to one of them as a signal.

PAN is one of the last 2 Ni producers or near term producers in Oz left after the others have been taken by the oligopoly like SIR WSA MCR OZL.

its a sitting duck for any of the Oz Ni oligopolists of BHP IGO AF imho.