RE: RE: RIGHTS
At this stage, another stock issue is highly diluting for the private shareholder. Not good at all. I will not participate.
$1.8b / 8.34 = 215 m new shares.
The former stock issue at $13.3 when shares were trading around $25 don't smell good today.
Most likely, this could be the last stock issue for IVN if it survives as an independent company (although majority owned by RT), another $1.8b should last through phase 2 of OT development.
I think Friedland will participate, but not commit new money to IVN.
He will sell enough rights to cover the cost of participating with the remaining rights.
I think the stock market cheer, not because of the rights issue, but because Friedland steps down.
By stepping down, he is not an insider any more.
He's preparing to sell his shares, and at this level, I think there will be interest from others in big mining.