Rio has taken up addition ETG shares to maintain its holding at 12.9%.

But there could be some compelling reasons for IVN/RF not to increase its share to maintain the percentage (~11%, compared to Rio 12.9%):
- I believe IVN did not retained the ROFR status.
- Maintaining the 11% does not really have any advantage for IVN during a TO of ETG, noting there are other major shareholders such as Caisse (9%), Directors and Management (8%), TD Asset (5%)....see ETG Corporate Presetation slide #8. And of course a band of us (say 20) "small" but die-hard shareholders (can add up to 2% easily).
- Since Rio holds 49% of IVN and has 8 of their directors in the 18 IVN BoD. It is not a sure thing that RF has the absolute power to swing this block. Besides, IVN may be gobbled up by Rio if the money is right for RF.
- If I were RF, I would come in as himself, or under some new entity for which he would have absolute control, (this fellow RF has big ego)and solicit support from other friendly entities.
- It interesting to note that, IVN is holding just an itsy bitsy amount above 10% which would be enough (if not we will walk in with our 2%)to make life miserable for Rio.
- Also, if a few major shareholders like Caisse and TD Assets are not happy with Rio hostile TO, they can form a block larger than 1/3 (if not then they can count on our 2%) to block any unwanted bid.
Just my musings for a Monday morning. Feel free to weigh in.
goldhunter