A bit rough given that in question time during the recent first...

A bit rough given that in question time during the recent first half presentation GC tried to play down any possible equity raising...

It had to happen though as interest was killing this company... e.g. AEP had $60 million 'bridging loan' and was charging credit card interest rates (from AEP's half year report the rate is 20.5%!!!). Just look at the difference between the often GC quoted EBITDA and the actual NPAT... who's making all that money disappear? the big insto's that have provided all the debt to IBA.

... I'll post something soon, but I've recently flicked 90% of my IBA holding into AEP and reckon its a better vehicle to get exposure to IBA with less risk

(and at current relative prices you can swap every 100 IBA shares - direct holding - and get a 107 IBA shares via AEP, although it is an indirect holding + plus all the other assets AEP has).