IVN is a Buyout TargetEnterprise Value has been reduced to USD $1.022 billion.
Shares out: 791M + 196.6M (CITIC) + 21.2 (Zijin maintains 9.9%) = 1.0088 billion
Market Cap: 1.0088 shares out x USD $1.59 share = USD $1.6 billion
Cash (USD) = $557M (CITIC) + $65M (cash on hand) + $60M (Zijin) = $682 million
Loan $100M (from CITIC)
Enterprise Value = Market Cap - Cash + Loan
EV USD = $1.6 billion - $682 million cash + $100 million loan = USD $1.022 Billion
Considering the outstanding quality of all three projects, I find it hard to believe that someone won't take a shot at buying IVN. This is why I believe IVN will be subject to a very sudden revaluation sharply higher at some point down the road. The Company is currently wallowing in cash. There is enough cash on hand for at least three years of accelerated work. If CITIC arranges debt financing for K-K, there should be minimal dilution going forward. So you can view the relentless short attacks in two ways. On the one hand, as a shareholder, you don't want share price to fall. It's always distressing to see your investment crater. On the other hand, it does set up an unexpected opportunity to accumulate at bargain pricing. The only factor which can derail progress is a complete meltdown in the metals market.