Ann: Issue of Securities Complete 3B, page-60

Agree.
The fundamentals of IRC remain IMO topnotch so what's going on ?
Well I think I've worked out how the SP is being manipulated with the end result
being accumulation for one or more separate strategic holdings of say 9.9%
before an ultimate full takeover bid is made down the track.
The party or parties stand in the market as both a buyer and as a seller
and in cahoots with each other via separate brokers.
(Most of you here have probably already worked this out and I'm lagging).
A low ball sale offer can be made in the knowledge all or most will be picked up
by same party on the buy side hence their overall holdings are not reduced to any effect
and gradually as say more retail/day traders panic and appear on the sale side
these addit. shares are gobbled up on the party's buy side.
As you say if we are patient we may well wake up to a takeover announcement
~ 35 cents/40 cents per share by Dec.when the 1m oz is becoming a reality and
the vanadium is the cream on top.
JP has already indicated the current cash on hand is adequate for their medium
term needs so no capital raising.
Hopefully the Aussie dollar will stay weak against the USD.