The share price appears to being manipulated downwards for a reason. Even the ASX is perplexed by issuing a notice to the company.
What they need to do is investigate who is selling and why.
The strike price for the new shares to be issued to Ivanhoe Mines will be probably need to renegotiated downwards as the shareprice has fallen.
All the insto's stumped up a lot of money at $1.39 with more shraes to be issued to Ivanhoe Mines once the board approves to purchase. Supposidly at $1.39.
Does any one think they will now pay $1.39 when the shares are trading at 96cents. Potential saving to Ivanhoe mines of about $20m or a much greater equity in the venture.
Why wouldn't some of the insto keep buying at $1.39 to support the share price.
Possibly they feel legged over by the issue of shares last year at $3.80 odd. Not to be had again.
It will be interesting to see what Ivanhoe Mines do.
The announcement should be soon.
IVA Price at posting:
91.6¢ Sentiment: None Disclosure: Held
