miningnet.news-takeover, page-14

Bill Ryan is not the key.

Director Mr P Thomas holds 33,986,239 ordinary shares which represents the shares held by CSFB. (approx. 20%). If he accepts its probably all over....

Reading that miningnews article apparently its not all roses between the directors of TIR. Felix Pole left the board a couple of months ago and was one of the shareholders that accepted the pre-bid offer by CSM.

None of the current board, including Bil Ryan who holds 7M shares is amongst this group however. This group, which holds about 13% of the issued capital of TIR has accepted the CSM terms and includes associates such as Mr Reed of Reed Resources. CSM itself holds the other 2% of TIR which they bought on-market. This makes up that 15% subs shareholding.