knowledge, page-9

Enigma,

There is already a merged entity.

HC is happy to move forward with a 85% in IBR. The 1:4 is issue of shares is already in progress.

The merged entity will be short 15%, that is all.

HC indicated during the ATM that the cost of maintaining 2 ledgers is a releatively small one, so I for one have no problems with the present situation.

In time sanity will prevail and TMR will end up with all of IBR. How this will be achieved will be revealed over time, but there are a number of possible scenarios. Two listed below, but there may be other ways as well.

Negotiation with insto for a higher price, which is ok since the 1:4 has come and gone. This will mean 90% and fait acompli.

Issue of shares by IBR to raise funds. TMR provides the funds taking it over 90% without getting the insto shares. I am doubtful that is scenario is legal. Something about protecting the minority share holders. If not, then the minority shareholders would be required to cough up their part of the capital raising.

Regardsless of the outcome there should be soul searching by IBR holders to balance up the advantage of being a minority share holder in IBR against being a TMR share holder and suporting the new entity going forward.

Cheers,
IHS