Magna?

Hi all,

Really sorry to see what's happening with the current share price. There is probably much justification, re the current SP, that has already been alluded to here by many posters. However, the reason I pulled out was because of the Magna situation and consolidation.

From memory Magna were to be paid out in 3 share issues - 1 per month - spanning a 3 month period following consolidation. I believe Magna dumped their shares on the market, going back a few years, after their last payout. I saw no reason for them not to do that again. Therefore, I pulled out because I believed that it might take up to around 4 months post consolidation for them to sell all of their new issues. I have no proof that I'm wrong or right, just basing this on history. But so far the SP is doing about exactly what I thought it would.

All going well, for the long termers, if my prediction is right, then you have a few more months of turbulence. Hopefully by then the good news begins regarding the new plant etc. etc.. I lost faith in management purely because of the Magna fiasco. Hopefully its all lessons learnt and the IOR's finance department are a lot wiser from here on. I will certainly be keeping an eye on IOR and may buy back in later.

Good luck all,

Rhama