Ann: Change in substantial holding, page-6

https://www.firstsamuel.com.au/what-are-you-looking-for/investment-matters/no-10-fy-19/company-news/

Indiore has advised that the engineering undertaking of the Phase 3 expansion project (benefaction plant to convert low grade iron or into high grade) will be more costly than previously thought.  On the flip side though, the refined engineering design increases the yield (and thus return) from the plant post completion.  In parallel, the company has announced a new CEO will be sourced, and a new Chairman has been appointed.  We are supportive of this management and Board refresh, and assess the Phase 3 project to still be a compelling project offering strong returns.