RE: RE: Re Hostile some people have a long term view of the market and some short term..right now the junior exploration market is down 50-70% and we know thats why TRR dropped to the low $2's.
IMG and any other bidder obviously takes a long term view. When TRR put out its 4.2 million ounce resource last March, it traded above $4 and even $5. It only traded below $3 when markets turned at the end of last year, although the venture market has been going down since last April.
TRR has advanced the project nicely since then. My question last night would be whether management will bother putting out further drill results and a PEA now they've entered into a friendly deal with IMG. I think they have a legal obligation and this is certainly material information at this most important time. If the PEA is good, a NO vote would be in order.
SHAREHOLDERS NEED THIS INFORMATION TO BE ABLE TO MAKE A DECISION
Personally the bid is opportunistic and I see the longer term value of 10 million+ ounces and a great land package. I hope other bidders do too as we are certainly in play now. however, we have around $100 million in cash ($103 million was quoted in the press release last week but that might be Dec. 31/11 per the stmts) and can certainly add value to TRR through the drill bit. we've drilled around 60 holes (1/3rd of all holes) that have never been released..a lot of these are infill and will upgrade the inferred.
The market will turn around for the juniors so a NO vote it is for me.
However, its in the hands of the large shareholders now..if 4 to 5 large shareholders owned 20-25% before, they can pick up more shares in the market now at below the bid price to move close to 33%, which will give them immense leverage in deciding whether its yes or no..this leverage will give them an opportunity to squeeze more out of IMG and they will do this for sure (i.e. i believe $3.30 is the first bid from IMG).
For those who think a yes vote is certain, well you should have sold by now, as $3.28 today is better than $3.30 in 2 months for sure. So the buyers since last Friday hold the key to this. if they are related to IMG the chance os success has gone up, if not, there's a group of people out there with a lot of shares that may be able to force a higher bid price. I was amazed at last Fridays volume (169 million out of a total 179 million issued).
I hope the shares went to strong hands who will up the ante on IMG shortly. The game is not over.
I hope the PEA is great and shareholders see that the value of TRR is truly above $3.30 in the short term and not just long term. IMG will have to raise its bid to get a yes vote.
I hope management is motivated to put out the drill results and PEA now it appears to gone "friendly"..I WILL SAY AGAIN THIS IS MATERIAL INFO. REQUIRED BY SHAREHOLDERS TO DECIDE HOW TO VOTE (NO)