Hi Red, With the price of IBG at 4.4c and trending lower, surely...

Hi Red,

With the price of IBG at 4.4c and trending lower, surely any first initial raise of equity will be incredibly dilutive at current levels and a barrier for any potential equity partner? With already 1.3b shares on issue, numerous cheap options for mgmt in a few years to cash in (8c in 4 years is hardly reaching for the sky) - what incentive is there for a partner to have equity in the project at this level? Would it not continue to be increasingly difficult to raise at a higher and higher price the more dilution there is? I would have thought part equity will only look attractive to a potential partner if there is less shares on issue - not more.

I am struggling to see how we attract the partners we need at current levels without ending up with 3b shares on issue before we have even started construction. I would love to hear others thoughts..