steady price of exco at 64-65 cents, page-27

The primary reason why IVA might be interested in EXS would be to get its hands on a significant amount of cash. An offer by IVA post the distribution would not IMO hold such appeal as then the company would be seen simply to be expanding its exploration footprint in Queensland. The cash box of over $200m is the carrot which might induce IVA to painlessly issue some of its scrip to achieve a big cash injection of funds for its Australian operations.