i'm flummoxed , page-12

I actually like the deal. It makes a lot of sense. I doubt that another party will make a counter bid other than perhaps for both SLR and IGR (Newcrest??).

However, I'm very perturbed by what has happenned to the IGR SP over the past few months. When measured against words used in a few IGR announcements, things just don't ring true imho.

Sure they had a dud quarter due to plant problems, but not much was said about the higher strip costs at Maxwells.

The biggest giveaway that something bizarre has happenned, has been the delay in processing the UG ore. They reached first ore on the 4 April. The diagram showing their progress with the project released last week, shows extensive progress. Why put things back to the "December" quarter to process the UG ore? The success of the UG ore processing was the key to returning IGR SP into high 50's or low 60's. Its either not living up to their expectations or is looking far better than expected. The BRR audio yesterday saw CC say that ore grades UG were "very good" (maybe not his exact words but that was the substance of the same.)So it seems like some ore has been analysed.

Then there is the question of CC and PI buying more shares at the give away prices and the even stranger capital raising. There must have been a clear window of "no significant news" that allowed the directors to buy shares when they did. It looked as if they were supporting the SP by their buying. However, the CR trashed everything.

People in WA knew a CR was due if what I have been told is correct.

Its all very disappointing really, but at the end of the day the merger deal in what I believe will be a strong gold bull market, should yield us significant SH value grow.

However, I'll be trading out half my holdings as appropriate and putting them to work in companies and management that I "believe" in.