anybody home, page-14

OK i understand what you're saying.

2 Billion all up, 14% of which is for IBR holders. But you see your biggest problem is will your shares exist in 2 years time, not so sure and if you are still around who will want your shares. If TMR doesn't want them they'll go off the radar.

If IBR/TMR is worth $2 Billion in a couple of years time which would make TMR a mid tear mining company trading at about $3-4 then the original IBR holder share that that was transfered at 4:1 will also be worth $16.00 each.

But it's better than that for TMR holders because they also have fantastic copper assets which will make them worth more.

When you do the maths the TMR offer seems spot on. If IBR/TMR are $2 billion company then according to your maths both current IBR holders and ex IBR holders that excepted the 4:1 deal will both be worth the same. Which says to me the deal was fair and spot on.