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Mate forget the copper all together.

The point is you say IBR/TMR will be worth $2 billion in 2-3 years which makes it so your IBR shares will be worth $16 each.

My point is if IBR/TMR are worth $2 billion then TMR will be a mid tear mining company trading at about $4.00. So if you had taken the 4:1 offered by TMR then your shares would still be worth $16.00 (1 IBR Share = 4 TMR shares, 4 x $4.00 = $16.00) which says the TMR off was fair and spot on.

This is your maths not mine, you've basically proved the point that you should have taken the TMR offer at 4:1 because either way in 2-3 years they're going to be worth the same "$16.00".

Thank you for telling me what i already know, the TMR offer was spot on. Thanks for confirming that.

Of coarse at the moment people that transfered to TMR are well ahead if you look at the SP with no sign of IBR shares making a move, they're just static.