I don't know if timing is a coincidence but Glencore mopping up free float of MRE and now IBG which may go 'independent' with funding is a recipie for the management to contemplate.
It means that management is not hampered by the whims of the major holders and should they try to mop up the free float they face a 10+% holder in L1 Capital as blocking stake if the price is not right. I don't the big boys will move unless the DFS is available for scrutiny. Early days for project finance without the DFS but the take over defence and a financing issues seems to be setting into place. This allows management to fulfill their objectives instead of playing politics if funding is dependent on Glencore/Nystar to offtake. I am not sure how this will impact on the previous offtake agreememnt with Nystar when they bought equity stake last year. Getting interesting after hibernating for 2 years...
IBG Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
