The sell-off is savage, but IVA did have a downgrade. I was snooping around and trying to find out what was up with IVA, and the AFR had this a few days ago (members only or get a free trial):
It says UBS still has a "buy" in IVA but has reduced the price target from $2.20 to $2.00 following a correction from the company on results at Osborne. It says the corrct results have been a reduction of 59% for 2012, and 149% for 2013, but earnings remain negative for those years in any event.
UBS also calculates that IVA will need an extra $150m in funding to complete Merlin, rather than the $120m previously thought. The company is looking at offtake funding, sale of project interest, and strategic partner equity positionsto get extra money. ___________________
It's still a savage sell-off. Most companies need money cash. IVA must find a bottom soon.
IVA Price at posting:
91.6¢ Sentiment: None Disclosure: Not Held
