No use resisting Maximus - Rome is winning, the Romans are in a formation, with sheilds and spears up and moving ever slowly and methodically moving towards smothering resistance,(with backs to the wall, awaiting their final fate), to the great empire onto victory.
Tamaya Resources Limited ACN 071 349 249 Level 12 75 Elizabeth Street Sydney New South Wales, Australia PO Box 5424 Sydney NSW 2001 Telephone +61 2 9223 2088 Facsimile +61 2 9223 3088 Tamaya secures majority of Iberian acceptances following close of Offer • Off-market bid for Iberian Resources completed • Tamaya successful in securing over 86% of IBR shares • Transition and Integration Process to commence immediately • Operational Plans and for Armenian Gold Project to be announced in the September quarter Successful off-market bid for Iberian Resources Completed
Tamaya Resources Limited (ASX: TMR or “Tamaya”) concluded its off-market bid for Iberian Resources on Thursday 31st May 2007.
While a final reconciliation of shares voted in acceptance of the Offer is pending, Tamaya has secured a minimum of 86.21% acceptances for the merger, ensuring that the acceptors of the bid receive rollover relief for their shares.
Tamaya Chairman Mr Hugh Callaghan said that: “Although the bid fell short of the 90% acceptance threshold at which compulsory acquisition would have occurred, Tamaya is nevertheless delighted by the strong support received from Iberian shareholders.”
“The Company is set to emerge as a mid-tier producer once the portfolio of projects acquired under the merger are developed over the next two years,” Mr Callaghan said.Transition and Integration Process to Commence immediately.
The process of issuing Tamaya shares to Iberian shareholders who accepted the bid, is well advanced and is expected to be completed shortly • Tamaya has nominated Messrs Hugh Callaghan, Michael Fischer, Nick Lindsay and Simon Brodie to the Iberian Board; • Tamaya may seek the de-listing of Iberian shares from trading on the Australian Stock Exchange due to the overwhelming lack of liquidity of the stock. Key savings and efficiencies will result from such a move; and • The integration of the Companies is intended to proceed over the next three months across a range of administrative, financial and other centres of the companies.
Mr Callaghan said that he had already flagged that he would be discussing with the Iberian Board the Tamaya proposal, as outlined in the Bidders Statement issued under the recent merger, to de-list IBR.
“We see little point in the IBR business remaining on the ASX, and will be reviewing this position immediately and pursuing options with the IBR board and the ASX shortly.”
Operational Plans and for Armenian Gold Project to be announced in the September quarter While further announcements will be made in due course, it is intended to manage the company with one management team, and account separately for interests where the assets are not 100% owned by Tamaya. • An immediate review of the Iberian’s exploration projects in Armenia and Portugal has already commenced, and it is intended to clarify the status, timetables, likely capital and operating parameters for these projects in the September quarter. • A review of financing options for the projects has commenced, with a view to establishing the optimal financing structures to deliver value for all Iberian shareholders. Tamaya Resources’ growing cashflow offers the potential for Tamaya to finance its share of the Iberian portfolio’s development off balance sheet, delivering value to its shareholders.
Mr Callaghan said the Company had not discounted the fact that IBR shareholders may be required to raise additional funds through a placement should debt not be a viable option.
“An IBR placement may be a point for discussion, given the fact that Iberian is yet to have the cash flows from its mining assets that are for the most part still under development. Ultimately, the Iberian board will be responsible for this decision”.
