theyve only just begun

They've only just begun

SO close, but yet so far.
So what happens next for Tamaya Resources?

According to the latest from the company, they have a 86.2 per cent holding in Armenian gold hopeful Iberian Resources as late acceptances roll in.

Another 3.8 per cent and it would have started compulsory acquisition, however a small band of dissident shareholders were determined enough to scuttle the bid, which closed yesterday.

Not bad for a company which started at zero, but not quite good enough to execute a neat and tidy takeover.

Daily Assay doesn't need to point out just exactly which shareholders resisted the friendly scrip takeover, suffice to say there were a couple of major holders in country NSW who joined forces.

As for the fate of Iberian now, well it will have to remain an entity in some shape or form but Tamaya has already made moves to delist the company.

There will be no creeping 3 per cent a month on the Iberian register. As far as Tamaya chairman Hugh Callaghan is concerned, the offer was there and has been refused by a small minority of punters.

“Yes it is frustrating and yes we are surprised that some people feel they know more than the Iberian directors who endorsed the bid,” Callaghan said.

“It is disappointing that we didn't get to 90 per cent and the fact that these shareholders don't recognise the value of our Chilean assets.”

Tamaya's grand vision to become a mid-tier miner of note hinges on cashflows from its Cinabrio copper mine funding the development of Iberian's Lichkvaz gold project in southern Armenia which has a JORC resource of 1.4 million ounces.

Obviously funding the dream would have been easier under one entity, but that is a near impossibility given that Tamaya will have to run two parallel sets of accounts.

When Daily Assay says Tamaya, we mean that the Iberian board is now going to be controlled by Tamayan representatives.

The Iberian board will start showing some changes as early as next week when it is expected that the next board meeting will vote to delist the company.

Iberian will still exist as a corporate entity, but the chance for shareholders to dispose of their holdings for cash now rests with the grey market.

But they will also have to stump up for their share of funding when the board comes knocking for capital.

Those who had predicted that Tamaya shares would dive if it didn't get to 90 per cent have been proved wrong - for the time being.

The shares held firm yesterday at 22 cents while Iberian stock gained 4 cents to 92 cents. The off-market bid was for four Tamaya shares for every Iberian stock.

As for the company's focus now, expect its Tamaya-heavy board to announce its long-term plans for Lichkvaz around the end of July.

As for Callaghan, well he just wants to keep growing Tamaya.

“We will make plenty of money for Tamaya shareholders,” he said.

His mission has only just begun