I have some difficulty understanding why IBR holders feels that...

I have some difficulty understanding why IBR holders feels that TMR would suffer if the takeover is incomplete. This is not a Qantas situation. If the figure of compulsory acquistion of 90% is not reached, TMR would simply end up as the largest shareholder and HC would end up running IBR though as stated by TMR there would be a doubling of compliance listing cost. If I were HC, I would simply undertake a massive no renounceable rights issues for IBR underwritten by TMR to commence the goldmine activities. If the minority hoders don't cough upthe dole, there holdings would be severely diluted.