I see there are some BCI shareholders saying that the premium is...

I see there are some BCI shareholders saying that the premium is too much, but man in terms of timing this seems a very opportunistic bid to me.

IOH is on the cusp of receiving royalties from MinRes from Iron Valley. Assuming a 5mpta operation and at $100AUD a tonne we could have seen a circa $20-30m pa royalty from Iron Valley alone. With significant upside to a recovery in the IO price or a fall in the AUD. Apply a conservative 5X multiplier to that income stream and what do you get?

Bucklands port everything has been secured, waiting for finance. Perhaps this is why the IOH Board is accpeting the offer, they they needed BCI cash to move the project forward? But absent this type of reasoning, selling when the IO price is taking a beat down and markets are taking a pause seems more like buyers conditions then sellers' conditions.

Need to do some more research on BCI itself, but IOH just represents their growth strategy given they own one producing mine. Is there another junior so close to cashflow and with an infrastructure solution there ready to execute? And is the 14 day period intended to smoke out another offer?

Have we talked to MinRes?

And why are we accepting the first offer? Takeovers almost never get done on the first offer. Smells to me Stokes has done a deal given his controlling stake but lets hope he thinks hes got BCIs best offer.