out with some very learned gentleman last night, discussing the TMR bid and some very interesting points were highlighted:-
1. IBR resource is worth 4 times that of TMR’s resource
2. TMR has 4 and a half times more shares on issue as IBR
3. Copper price is presently at an all time high
4. Gold price is climbing and expected to go much higher
a quick calculation on points 1. and 2. above tells you the TMR offer should be at 18 to 1 (ie. 4 x 4.5 = 18) which on this basis appears fair and reasonable.
Significant upside still offered from the IBR acquisition, by a rising gold price going forward, where as copper appears to have already maxed out.
To the remaining +30% of non-accepting IBR shareholders - time is on our side.
Cheers to all the long term shareholders.
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IBR
iberian resources limited
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