Hugh has done an outstanding job at creating wealth for TMR...

Hugh has done an outstanding job at creating wealth for TMR shareholders - but in this instance it's occuring at the expense of IBR shareholders - 64% of them so far, and whilst I have no doubt he can get the job done for IBR I still assess he is stealing IBR based on some number I have attempted to crunch:-

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 97 cents (you can’t use that b..s.. bid price which the market itself is “heavily” discounting) times 131 million shares equals $127 million market cap, less the $14 million in cash equals net $113 million, divided by 4 million ounces of gold equals $28 per ounce. So let me get this right, IBR directors believe they have 4 million ounces of gold and are willing to sell it all for $28 per ounce?? This is giving it away, especially for a gold company funded into production, no wonder TMR is so keen.

secondly, crunching some further numbers, a further scenario. So from the point, $127 million market cap, less the $14 million in cash equals net $113 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 $78 million divided by 4 million ounces of gold equals $20 per ounce. For a gold company funded into production.

NOW STILL THINK YOU ARE GETTING FAIR VALUE?

Is it any wonder TMR went unconditional today at 64% acceptances, which was a long way short of that 80% minimum they originally sought.

It's also very interesting to see a number of posters above stating they will seek to have their acceptances withdrawn if that is permitted under the Corporations Act.

There is no way I will be accepting this miserable offer by TMR.