Fortunately for me, I reckon at least 90% + will be.
Put your valuation methodology on the table and we can discuss it.
But its not worth more than 40 cents (fully diluted) just because you bought in at a higher price.
At the moment, the market only wants to pay 22-24 cents so 40 will do me just fine.
Well done on picking up on the lack of drilling this quarter.
You are the first to raise that here it would seem and you sort of got a very important point on the table.
Why isn't IGC drilling when it would seem it needs to do so to complete its contractual farm obligations.?
Surely it must be because they were given permission to stop without jeopodising their farm in position.
Why?
its then reasonable to assume its because the takover is almost as good as done and the buyer is happy with the number of ounces now in the inventory at IGC and the valuation/s.
It becomes a moving target (valuation) if you have to keep spending and drilling and the buyers/sellers expectations change after the results come to hand.
i.e drill and get more ounces or drill and get no more.
Clearly, if IGC had kept drilling, that would have meant a placement to raise more capital and thus delution would occur to existing shareholders. It drags the 40 cents down if the purchase price doesn't go up.
I think its reasonable to assume a line has been drawn under the book so to speak and its just corporate/funding stuff that needs to be finished off.
Otherwise Sagey wouldn't be swanning around working on other things and enjoing himself, they would have done another raising and they would be drilling away in a very focused way.
Theres been plenty of time for anyone else, including Xstrata to say, heh IGC we'll pay you more than what NKP will but nobody has.
Shareholders and promotors are always certain that there are a truck load more ounces under the ground you just have to drill some more. Well how many times have we seen that assumption come to grief?
In this economic client, its a great deal but if you don't like it, you can vote against it of course but I reckon you will be on your lonesome.
IGC Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
