the winner, page-23

The instos don't believe that HC will stuff up IBR, that is why they are holding out for a better price. They believe that HC may have placed TMR in a difficult position re cashflow, and as he hasn't hit 90% the IBR millions in the bank are off limits. HC has mismanaged the takeover as he thought the instos shares were in the bag and hence sent out the bullying statement of May 30. I believe the quote from HC was he was bewildered I would say blind-sided. TMR will be hit hard as there will be 400 million new TMR shares on issue. Many of these will be in the hands of reluctant convertees and short term traders who saw the arbitrage opportunity. If the rebound in copper post the double top is a dead-catter then TMR is in trouble. And you can talk as much about future earnings etc as much as you like, but the fundamentals go out the window when the s**t hits the fan.