Ann: Supplementary Bidder's Statement, page-23

So if they only get 30, 40 or 50% of the shares and they then have control of the board then:

"- If you do not accept the increased Offer, and Ibaera and Azumah proceed to develop the Wa Gold Project, the interests of existing Azumah shareholders may be diluted as a result of the financing of Azumah’s share of the development costs.
- A competing proposal is unlikely to emerge given Ibaera’s substantial ownership of both Azumah and the Wa Gold Project.
- If the Offer closes, the Azumah Share price may fall and trade at a material discount to the Offer Price "

Not surprisingly they are not putting forward the potential positives if they have control but not full ownership:
- Ibaera could develop Wa all the way to production and they (as well as remaining shareholders) make a sheet load of cash with a strong gold price.
- Ibaera could further develop the resource estimate and sell the whole project to a miner at a higher price to the offer in 6-12months

Hmmmm....some thinking to do. I do wish a Terango or similar would swoop in right now....but the market rarely fulfills wishs!!!