My understanding is HGO is happy to issue some HGO shares for ITT, and aimed at achieve 50%+, not 90%+.
If HGO exercise its options, HGO might hold 41% on full dilluted basis. But I don't think it will do it because they don't want to burn any cash on 20c option.
so ITT could still survive on ASX, and HGO is happy to get very tight control over ITT, and let whoever accepted the offer to get their HGO shares issued.
Overall, I think it is worth to hold on ITT. David Archer is very smart person. If he want something badly, it must be good.
By the way, ITT is a totally different company from a couple of years ago. Now it is an cheap iron ore play. If it can define 10mt+ DSO, must be worth a lot of money, such as $1b IGV. Remember, TTY begun with less than 10mt resource.
ITT Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
