RE: Rio has a lot to gain with lower SP And if RF participates fully (he will), as will Macken and the other former management shareholders, I predict, they will dilute the retail and those rights traded away (and no doubt the pricing was to entice shareholders to trade away their rights) will magially end up in the hands of ... Rio friends and allies.
It isn't a question of how much money RioT will put into IVN, they will put in whatever is required to gain full ownership. But they are canny and going about it to get the best and cheapest deal possible. Just what any of us would do in their position. They have the money, they have the time, they can call their shots.
The one thing they can't do, so long as RF always ponies-up his cash, is squeeze him or any other non-tendering shareholders out. They need over 90% of the float to accomplish that, and there doesn't look like an agreeable price is on the horizon ... yet. Which is where I say the analysts are all wet, because OT should start to show some EBITDA numbers that suprise to the upside ... if Rio lets things go that long. Don't think they don't want to wrap up all of OT - seriously, if the mine and concentrator work as designed (always some risks there with a start-up) they have a low-cost whopper here that is going to be a keystone asset for the next century, if they survive the persistant attempts of China to take them over in toto over the next few years or decades.
All just dandy.
CG