IFE has about 44 million shares on issue. Look at the massive...

IFE has about 44 million shares on issue. Look at the massive margins IFE is expecting for its iron ore production.

Based on that, am I out of line to suggest that IFE could well be trading at a positive cash flow of one or less? If that is correct then it makes IFE absurdly priced imo.

Now TRF control IFE.

If anyone wants to take over IFE then a play must be made on TRF unless TRF agree to sell the other party its 50% stake in IFE.

Purely speculating, and the volumes in TRF at this stage suggest this is probably not happening.

But in my opinion, far from trading at a discount, if anything TRF should be trading at a capitalisation premium to the value of its IFE holding as it is TRF that could be first in play, not IFE.

In any case, both IFE and TRF's share price at this stage are nowhere near a fair valuation based on what IFE has released to the market about its iron ore production and the cash margins imo.