Thorburn, that is nonsense. TRF is all about Fe - but that does...

Thorburn, that is nonsense. TRF is all about Fe - but that does not explain the low SP. Look at the value of what TRF holds (based on current market cap for IFE and ROL):
12% ROL = $16m
50% IFE = $25.5m
20% WH free carry = $12.5m

Those figures should give MC for TRF of $54m but it is only at $41m - over 30% discount to asset value....and that ignores ANY value for Au ! It also ignores the value of the controlling stake in IFE ( IFE is effectively a subsidiary). It also ignores the fact the IFE itself is substantially undervalued ! I don't think the answer lies in lack of communication from the Board either - announcements have been clear enough to enable investors to make reasonable judgement. Investors just can't believe these figures are possible - their loss/our gain !