G'day Mac, good to see you back on the forum. My views aren't...

G'day Mac, good to see you back on the forum. My views aren't based on anything I've heard, but I do firmly believe this is the direction we are headed.

Recently I've sat back and really tried to look at this thing with fresh eyes and I feel that there are several things which can't be ignored or denied:

1. Wroxby recently increased their holdings, he is creeping up his overall %.

2. The buyback only further increases the overall % he holds. He has already begun his move IMHO - how much say did Ryan Stokes have on the buy-back decision in the board room?

3. The recent IV deal with FMG could potentially be worth over $1 Billion to IOH (dependant on strong future iron ore prices). If Stokes is bullish on iron ore, why would he allow little fish like us a slice of that pie when he could simple gobble the whole thing up for himself right now?

4. Stokes has his son on the board & he knows what is cooking at Maitland. If IOH were cooking up a big JV with FMG (another great money spinner) again I ask why would he allow the minnows a nibble?

Overall, I simply believe that the IOH story has now become so compelling that Stokes would be foolish not to want it all for himself.

It now becomes a question of timing and a palatable price for the top 20 that he needs to agree for a sale.

The question in my mind is at what price? I think the recent options packages awarded to Vorster & Randall plus our historical high around $2.70 would suggest he probably needs to put at least $2.50-$2.80 on the table to pick up the company.