My understanding was that at the initial formation of the IRC/EGS Menzies JV,
EGS as part of the agreement were required to take up 12.5m IRC shares @ 12c
for consideration of $1.5m.
By my calculation that indicates EGS have sold 5,233,502 shares leaving
the aforementioned 7,266,498 !
If my figure is correct then we have some way to go before the lot are sold.
Happy to be corrected.
IRC Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
