Extract: MERGER WITH TAMAYA RESOURCES LIMITED The Directors of Iberian Resources Limited (Iberian) and Tamaya Resources Limited (Tamaya) (ASX Code: TMR) have agreed to merge the two companies by means of an off market takeover offer for all the shares in Iberian. The consideration is 4 Tamaya shares for each Iberian share (the Offer).
Based on the closing prices on Monday 26 February 2007 of $0.26 for each Tamaya share and $0.71 for each Iberian share, the Offer values each Iberian share at $1.04 on a fully diluted basis.
The total value of $1.04 per Iberian share represents a premium of: 46.5% to the Iberian closing price on 26 February 2007, and 61.1% to the volume weighted average price of Iberian shares for the one month prior to this announcement; and 57.1% to the volume weighted average price of Iberian shares for the three months prior to the nnouncement. The Offer has the unanimous support of the Iberian Directors.
In the absence of a higher bid, a material adverse change in Tamaya’s prospects or the terms of the Offer differ in any materially adverse manner from the agreed terms, the Directors intend to accept the Offer in respect of their own shares in Iberian and to recommend that all Iberian shareholders accept the Offer.
Tamaya has advised that it expects to lodge its Bidder’s Statement containing the terms of the Offer and other material information relevant to an Iberian shareholders consideration of the offer with ASIC within the next 28 days.
A full statement of the reasons for the Iberian Directors recommendation will be set out in a Target’s Statement to be despatched with or following despatch of the Bidder’s Statement. Iberian shareholders should consider the information contained in the Bidder’s Statement and Target’s Statement before they take any action in relation to the Offer".
