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IBR, IBERIAN RESOURCES LIMITED
jojosydney
post Posted: May 27 2007, 02:49 PM
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In reply to: dr_dazmo on Friday 19/01/07 10:12am

Hi everyone,

I have send my IBR holdings off to be converted to TMR.
Never thought the story would end this way , as I had some very high hopes for IBR, it was like an investors dream imho.

Hardly any script on offer , an existing goldmine with heaps of gold and all infrastructure at place and a nice resource and exploration potential.

Nothing was wrong with that resource in Armenia or Portugal, but we had a management team running the show who where just not up for it.

They should have been producing first gold by now but no, they just could not get the project up and running. And as always the case in such scenario the takeover happened.

To be honest with you , I am glad we are now going to be under new management and looking at our new man , Hugh Callaghan, we should be in much better hands.

At least we have now a man with some good mining history and who knows how to get a company up and running.

I am sure he will follow the same path with IBR and will bring the Armenian mine into production asap.

Good luck to all holders, but study the history of Hugh Callaghan and you will see that IBR is going to be in probably much better hands from now on.

jojo

 
vegemite
post Posted: May 24 2007, 11:04 AM
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In reply to: nifty49 on Monday 21/05/07 06:24pm

Tamaya is hanging tough, but playing fair

May 23, 2007

TOUGH nut to crack that Hugh Callaghan.
Equally, the few remaining Iberian shareholders are proving just as staunch as the Tamaya off-market bid for their company draws to a close.

At least for the time being.

Let's put things in perspective.

It could be said that Tamaya's dream to create a mid-tier miner of note hinges, at the moment, on a takeover of the Armenian-focused gold hopeful Iberian Resources.

Tamaya is a bigger company in terms of market capitalisation and actually has a cash-flow asset in its Cinabrio copper mine in Chile.

According to Iberian's latest quarterly report, it did not receive one cent in gold sales from its Lichkvaz gold project in Armenia.

The Iberian board was quick to recommend merging with Tamaya under a 4-for-1 scrip bid when Tamaya came knocking late March. That created plenty of discontent on both sides, giving the impression that both sides had got the offer ratio close to perfect.

Fast forward two months, two bid deadline extensions and a move to unconditional status, and Tamaya has 74.1 per cent of Iberian stock with two days left until the bid closes.

As correctly predicted by Daily Assay, Tamaya chairman Hugh Callaghan is firm in stance that the bid will not be improved. For the remaining Iberian shareholders, it's either accept, or remain a shareholder in what will become a very illiquid market.

Tough, but fair.

And now Callaghan has indicated he has started moves to delist Iberian even if Tamaya doesn't get to the minimum 80 per cent acceptance level needed by the close of business on Friday.

The 80 per cent level would give it an option to extend the bid and the chance to test the 90 per cent compulsory acquisition threshold.

Tough, but fair.

"Tamaya considers that, based on the current level of its relevant interest in Iberian (and what it considers likely to be the level of its relevant interest following the close of the Offers), it is likely there will be substantially reduced liquidity for trading Iberian shares following the close of the offer," a supplementary bidder's statement reported.

Callaghan has said publicly that there are a few major fund managers in Iberian which are holding out and won't accept the bid until the death-knell, as is there standard practice.

Commonwealth Bank has a 6.47 per cent stake outstanding and its funds management arm, Colonial First State, has a 3.36 per cent stake, according to Bloomberg.

If that scenario plays out, Tamaya would get over the 80 per cent threshold, but whether it chooses to extend the bid is a matter for Callaghan and the board.

Callaghan has already started talks with the ASX about de-listing Iberian to save on compliance and listing costs.

Should that happen, the remaining minority shareholders would have to find another venue for selling their shares. And with Tamaya the only real buyer, its a fair bet they won't be getting access to the 4-for-1 offer.

Callaghan has run a very tight ship in the bid process and has been more than reasonable in information disclosure and Tamaya's plans for the merged entity.

He threw the dissident shareholders a final bone yesterday via the supplementary bidder's by announcing Tamaya had secured a processing mill from BMA Gold - which is in administration - for $3.5 million.

The mill will go straight to Lichkvaz and gives the minority shareholders a final reason to accept the bid and avoid a potential loss of face.

In effect, it leaves the door ajar just enough for the remaining shareholders to slip through at the last moment.


 
nifty49
post Posted: May 21 2007, 06:24 PM
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Nice letter posted to all new TMR shareholders today by TMR.

Director bought a substantial parcel too.

Understand reluctance os some IBR holders to convert, but I suggest TMR is going places!

Nifty

 
obelix
post Posted: May 16 2007, 08:11 PM
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In reply to: dr_dazmo on Wednesday 16/05/07 01:34pm

It is a fact, it can stink, I also don't like it, it is bad and what ever but it stays a fact. Lets move on that reality and a proper share price can return to the market. It is mind over matter. You as a minority shareholder and your personal feelings don't matter, it is the shareprice and the company that is important. The market waits for nobody.

 
dr_dazmo
post Posted: May 16 2007, 01:34 PM
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In reply to: vegemite on Tuesday 15/05/07 07:24am

Appears that Tamaya won't be increasing their offer!

Tamaya Resources advises it will not be improving the terms of the Offers
• Offers close 31 May 2007
• Offers are unconditional

In response to recent media and market speculation, Tamaya Resources Limited (ASX:
TMR and “Tamaya”) advises that the Company will not be improving the terms of the
offers
under its takeover bid to acquire all ordinary shares in Iberian Resources Limited
(ASX: IBR and “Iberian”) (“Offers”).

As at 15 May 2007, acceptances for 68.5% of shares in Iberian, including those of the
Iberian directors, had been received in support of Tamaya’s Offers.
Tamaya Chairman Mr Hugh Callaghan said that the Company was pleased with the level
of support for the Offers, and was comfortable with Tamaya’s current majority
shareholding in Iberian.

Tamaya has extended the closing date for acceptances to 31st May 2007 (A previous
announcement advised that Tamaya does not intend to extend the closing date any
further), and has removed all conditions attaching to its Offers in a move to facilitate the
final acceptances The Company has already seen the majority of Iberian shareholders
accept the Offers.

“We have already received acceptances from the board of directors, some strategic
investors, and the majority of shareholders of Iberian who have endorsed the takeover,”
Mr Callaghan said.

Tamaya will not be improving the terms of the Offers, as the Offers are considered to be
fair and reasonable,. The Company is well positioned to move forward with integration
and implementation strategies following the close of the Offers at the end of May.

Dr_Dazmo



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Always remember the Golden Rule - Those with the Gold make the Rules!
 
vegemite
post Posted: May 15 2007, 06:24 AM
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In reply to: Commander C on Thursday 10/05/07 04:19pm

A whiff of discontent over Tamaya merger
Kevin Andrusiak
May 14, 2007 (The Australian)

THERE'S a big stink developing over Tamaya's off-market merger bid with Armenian gold producer Iberian Resources.
It's all brewing in the online stock market forums, some of which are not for the faint-hearted and have the propensity to get nasty and vindictive at time.

Some investors of both Tamaya and Iberian began squealing as soon as the Tamaya board lodged its four-for-one scrip merger offer for Iberian, claiming there was not enough on the table.

Observers said that in a situation like this, it usually meant the board had got the price right.

Still, some Iberian holders are furious that their board was so quick to recommend the Tamaya offer. The board accepted the bid about the same time it lodged, claiming it offered a 57.1 per cent three month VWAP premium to the share price.

“The merger of Tamaya and Iberian will produce a well balanced mining business with a market capitalisation in excess of $200 million, strong cash flow from its copper gold producing interests in Chile, as well as an outstanding project pipeline of near term gold producing assets,” is how Iberian managing director Matthew Wood put it at the time.

That was back in late February.

Since then, Tamaya has extended the bid which went unconditional last week.

Tamaya had a relevant interest of 65.64 per cent of Iberian stock according to its latest ASX notice, but obviously it still has a way to go to get to the 90 per cent compulsory acquisition threshold.

A merged entity would produced 43,000 ounces of gold and 8300 tonnes of copper annually and would be further down the path than most to hit stockbroker radars.

However, it looks like some Iberian investors are holding out for an increased offer from the Hugh Callaghan-led Tamaya.

They argue that Iberian's Lichkvaz gold mine in southern Armenia is worth much more than what Tamaya has put on the table.

Iberian had been talking about a possible 150,000 ounce a year mine, but no construction or production forecast has been forthcoming.

In fact, industry experts reckon it could be at least two or three years for the first gold pour and force Iberian to raise $100 million in capital along the way.

But is Tamaya about to up its offer to weed out the few remaining holders?

Not likely, given Callaghan's track record.

In fact, Daily Assay would say that is one of the safest bets going around that the chances of another offer is next to zero.

Callaghan has already gone unconditional and would be content to sit as a majority shareholder.

That leaves the real prospect that the remaining shares Iberian shares get shelved in a very illiquid market.

Geologic Resources, which held a deal-breaking 10.083 per cent stake have accepted the bid, leaving Robert Healy, an astute resources stock picker from Orange, as the biggest current holder outside of Tamaya with a stake of around 9.1 per cent.

It's possible he could strike a deal with other Iberian minorities to scupper the chances of Tamaya to get to the 90 per cent.

“I'm very happy and comfortable with the way the merger is going,” Callaghan said today.

He declined to comment about the minorities holding out, or the comments being bandied about in the online forums.

But he is adamant Tamaya has the cash flows from its Chilean operations to fund a start up at Lichkvaz.

It all makes for some exciting times over the next two weeks until the merger deal closes on May 31.

 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


Commander C
post Posted: May 10 2007, 04:19 PM
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In reply to: dr_dazmo on Thursday 10/05/07 02:49pm

Same here

 
dr_dazmo
post Posted: May 10 2007, 02:49 PM
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Have bitten the bullet & accepted the TMR offer!

Cheers
Dr_Dazmo



--------------------
Always remember the Golden Rule - Those with the Gold make the Rules!
 
chimera
post Posted: Mar 2 2007, 02:25 PM
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In reply to: dr_dazmo on Friday 02/03/07 01:26pm

I hope that the upcoming drilling campaign will be the catalyst for furhter re-rating, should start any day now w first results in April

remember current resources are based on 1 out of nine similar lodes

the results here should quite spectular

 
dr_dazmo
post Posted: Mar 2 2007, 01:26 PM
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In reply to: chimera on Friday 02/03/07 02:21pm

Seems too good to be true.
Perhaps the market is expecting the price of TMR to fall rather than IBR to rise?

At $0.19 for TMR = $0.76 for IBR.

(I hold IBR)

Dr_Dazmo



--------------------
Always remember the Golden Rule - Those with the Gold make the Rules!
 
 


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