What’s wrong tophat – been caught out again telling porkies, it...

What’s wrong tophat – been caught out again telling porkies, it was a simple question which would have enabled you to establish your credibility, and that question again was “What day a couple of weeks ago did you actually dump your TMR and buy IBR”, a simple question answered quite easily. However given you continue to avoid answering such simple questions your assertion as to switching from TMR to IBR is sounding more and more like a load of B…S…

I’ve noticed you have been to school today and learnt how to spell imbecile (as opposed to imbocile from one of your previous posts) good work, now you can go to the top of the class.

You stated “not once have you purported to be an expert”, yet you go on to state “with nearly 10 years membership on hotcopper” implying your credentials. Let me assure you the quality of your posts confirms your spending 10 years on hotcopper has not given you a brain, and that twinkle in your eye … it’s the sun shining between your ears.

To me it look like your on the losing side, just another TMR shareholder, trying to dress up in IBR clothing – why else would you say 4-1 is fair and reasonable? – because your with TMR that’s why, and why else would you say where did the 4 million ounces come from when I already referred to the 31 March 2007 quarterly report as the source – again it’s because your with TMR.

Here are those numbers confirming TMR is stealing IBR with the current offer:-

firstly from IBR's last quarterly activities report they have 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, from the above 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 - what an absolute bargain TMR is picking up.

Now at 10 to 1 your getting closer to the mark but it’s still very cheap, I won’t be selling mine for anything less!.

Tophat, you are all piss and wind about the fortune you have made out of this trade, and from what I have read of your posts you remain the "Tophat" authority on imbeciles, now run along back to the TMR thread where you belong.