The remaining IBR shareholders (those that haven’t accepted...

The remaining IBR shareholders (those that haven’t accepted TMR’s miserable offer) know that TMR is stealing IBR, and the market is agreeing with them:-

1. we are told IBR is worth $1.04 on the basis that TMR is bidding 4 of it’s shares for 1 IBR share. Now last time I looked TMR traded at 23 cents, which times 4 equals 92 cents, so why is IBR trading below this at 85 cents? (and well below that b..s.. $1.04), it’s because the market agrees, TMR is stealing IBR with the current bid.

2. come on, wake up you 62% acceptors ….. did it not strike you as odd that the bidder, in this case TMR has been and continues to trade at a premium to IBR even at the bid price of 4 to 1, think about it, think about it “TMR (4 TMR shares is worth 92 cents based on Fridays closing price) the bidder is trading at a premium to the target IBR (1 IBR is worth 85 cents based on Friday’s close)” …. Now in normal circumstances the bidder normally pays a premium and consequently it is the bidder which trades at the discount - but not here, and why is that? it’s because the TMR bid is undervalued and results in the transfer of shareholder wealth from IBR shareholders to TMR shareholders - and the directors of IBR should be ashamed of themselves for selling out IBR shareholders.

3. the above 2 posters “robandcoll” and “InHindSight” are TMR shareholders – don’t believe me, then hit the Search Forums button above and type in their names and search these posters previous posts – they have never posted under the IBR threads before the TMR bid, but both have posted under TMR threads prior to the TMR bid – disclosing themselves as TMR shareholders. Now IBR shareholders why are TMR shareholders posting on your IBR thread, trying to convince you to accept TMR’s bid – simple, it’s because the bid undervalues IBR and results in the transfer of value to TMR shareholders. Of course TMR shareholders want the bid to succeed, it’s good for them and bad for IBR shareholders.

4. now I have tried to crunch some numbers: firstly from the last quarterly activities report IBR has 117 million shares on issue, plus 14 million options all presently in the money. So on a fully diluted basis (assumes all the in the money options are converted) that’s 131 million shares. Now IBR has $9 million cash in the bank and the conversion to ordinary shares of those outstanding in the money options adds another $5 million cash, total $14 million in cash. Take IBR’s last sale price 85 cents (you can’t use that b..s.. bid price which the market itself is “heavily” discounting) times 131 million shares equals $111 million market cap, less the $14 million in cash equals net $97 million, divided by 4 ounces of gold equals $24 per ounce. So the directors believe they have 4 million ounces of gold and are willing to sell it all for $24 per ounce?? This is giving it away, especially for a company commencing production, no wonder TMR is so keen.

5. crunching some further numbers, a further scenario. So from point 4. above, $111 million market cap, less the $14 million in cash equals net $97 million, less $25 million for existing mine development (a figure directors previously put on it) and say less a further $10 million for new plant and equipment (that would be conservative) equals net $62 million divided by 4 million ounces of gold equals $16 per ounce.

NOW STILL THINK YOU ARE GETTING FAIR VALUE?

Matt and Mike you should be ashamed of yourselves – selling us out so cheaply – even the market is telling you so with IBR continuing to trade so far below the bid price it’s not funny – yes Matt and Mike the market is telling you loud and clear you are being ripped off, and are not being paid anywhere near $1.04 per share – time to get off your rear end and go in and do what you are being paid to do – represent IBR shareholders and negotiate a better deal !!, because if you don’t I won’t be accepting !!