Ann: Trafford to Exercise IronClad Options , page-11

re: Ann: TRF: Trafford to Exercise IronClad O... i think they got the timing right. trf has to be very careful they are not seen to be manipulating the price or conversion of options. i don't think there is any doubt that trf wouldn't convert - unless the price was consistently under 75c leading up. i beleive Ian has done a pretty good job to the get the options in the money despite the criticism's against him - we are still independent and it was worth the wait - the potential chinese deal was a disaster and i am glad that never evenuated.

the bigger issue is if golden stone partners (3.6 million options) will exercise - my guess is yes.

the head price of IFE was always going to came back toward 75c at expiry time - this is normal as the options are in play - once this is sorted out and march 30 goes by - IFE should be funded (or very close) and be mining - goodbye 75c.

i still hold more trf given their significant holding/20% free carry//cash and some exciting tenements - don't think it will matter in 6 months time what you go overweight in - it will be payday - look at what happened to BCI/WPG.