Iron Brdg Res Inc. OEXFF

RE:Velvet offer is an insult

[Buckbid]

-low ball offer. Opportunistic by Velvet to submit prior to recent share price run up and drilling results. 

- most retail shareholders won’t be too pleased here to wake up to this news. If you bought this stock in the last year, you’re not getting to much of a premium if any. 

-Top 2 holders own about 30 plus percent of the stock so the outcome here whether it be a no thanks, or higher price is largely dependent on how they vote. Josh young (chairman and fund manager isn’t  collecting a big rate of return if he sells into this bid)

-new management team left good gigs at Tourmaline to come here less than a year ago. Options
at near the offer price (to the best of my memory).  If you were in their shoes, wouldn’t be too eager to cash out here...ie not a big cheque to cash. 

-if I’m the board of IBR I’d be saying haha and let’s talk again after next data point ( 60 day well results)

-there may well be others that wake up to the IBR value this morning and kick tires

-valuation on a per barrel of production capacity isn’t the right way to look at it in my view. Velvet is looking at 50 sections and applies rates of return on future wells (dozens) and knows 75 cents for IBR is stealing.

-I’m not selling this am, expect that there could be a few more twists to this story to come.  

-IBR isn’t in distress like many other tag on acquisitions that have occurred in recent years. No debt, great runway for growth. Silly to settle for an offer that wildly undervalued near term and long term potential. In other words, no reason to rush for the exits especially for a sh@t price.